After a pretty good search on this site, I’ve found little discussion on the real estate question on the PFS. When entering that information, the Help option available is not too helpful and suggests things like Zillow, etc. but those values are so not reliable. Could someone share how they determined that figure when filling out the form? Everything else for the most part is so cut-and-dry like the value of your retirement account, your cars, even vacations, etc. Thanks!
I don’t remember but I would put the County assessment (for property tax calculation.) That may not be accurate either but the bank and county have no issues using it. 
That’s true @payn4ward thanks! I’ll have to see what that number is:)
Depends what you mean by “value”. “Appraised value” is what the property would likely sell for. “Equity” is what you would have after your loan is paid off. If you have a home with a high appraised value but you have low equity, you may well be better off than if you have a modest home with low appraised value but high equity.
Oftentimes in the FA world, those who practice common sense frugality are punished.
By the way, “assessed value” (county assessments for property tax purposes) is almost always well below “appraised value” and usually are two or three years behind in an up real estate market. Be aware that FA officers aren’t looking at your tax rates, they are looking at what you could/should be paying for your child’s education. If you have a house with a high market value and a lot of equity, the question arises: why don’t you take out a 2nd mortgage/equity line of credit to pay for your kid’s tuition?
Therefore, in terms of housing debt, more is better. FA officers will not expect you to sell your home if you happen to have a big mortgage. The rest - fancy car loans, expensive vacations, other expendables - yes, they will expect you to tighten your belt in those areas before they shell out financial aid.
Do all colleges ask the value of your retirement account or is it something seen infrequently?
@citymama9 this is a boarding school thread. Please understand that boarding school FA and college FA considerations deviate significantly.
Oh! Sorry. I thought this was for colleges. I was just scrolling down “latest posts”.
I just guessed at home value based on Zillow and the overall condition of our house. It was never questioned. However, I would not use the tax assessment value; where I live, it is roughly 1/6 of what the house would probably sell for.
@citymama9 Colleges do not use retirement account value when calculating family contribution. I’m not sure if they ask (probably do so they know how much you can not save in the next 4 years but put towards tuition instead). While thus is a HS board many people here who have 11th and 12th graders are thinking about paying for college.
In my area, assessment values are close to Zillow values but Higher(!)
I suppose it depends on the region.
They like to collect more taxes! People dispute it all the time and get it lowered but the next year, they raise it again
The market is improving so it’s going up at rocket speed. It’s not like we can move or anything… other houses are more expensive… :(… just more taxes. 