<p>How woudl one determine this if a home was bought in 2003?</p>
<p>When we receive our property tax bill each year, it lists "market value." It seems to be a bit low, considering what I have heard, but that is the value we have used. I don't know any other way to figure it.</p>
<p>This is one of the best tools for determining a reasonable value for your home.</p>
<p>Scottaa--that's a useful site. Thank you! I have a question, since you seem to know a lot about this--on that site, it says to use the lower value only if you can document why your house would be worth less. In our case, the house is in pretty dismal shape (saved for college rather than repair). Do you know if that is a reason enough to use the lower value? I'm not sure how you'd document it.</p>
<p>I have seen some, but very few instances where a home owner is challenged on the value of their home. If you stick around 5% above the federal index, you should be ok. Unless the FAO lives in your neighborhood and sees all the houses around you selling for twice what you claim. Be reasonable.</p>
<p>As to justifying the valuation of a home... it all depends on how compelling a case you can make if challenged. To my knowledge, there is no standard for justifying value. If the FAO gets a bur under their saddle, they could bump it on a whim.</p>
<p>that calculator is * really* conservative- it estimated my house for less than 1/2 the price of my tax assessment!
Think I can get the county to accept it? ;)</p>
<p>Mine was less than assessed value, as well, although only a little bit after adding in 10%, as the site suggested.</p>
<p>emerald-</p>
<p>hmmm... you might be on to something there.</p>
<p>Good Heavens ! Our calculator made our house way higher . We bought it for $53,000 - a HUD house sold for $27,000 on our block ! Isn't there a ZIP CODE way to access home value for FA ? If I could get what this calculator estimated federally , I would sell and move out of city !</p>