Here in Louisville KY, our local newspaper is the Courier-Journal. They recently wrote a piece entitled, Some home assessments are dropping, and that’s completely accurate! Some are dropping, but given that home values dropped last year -2.8%, shouldn’t all assessments be lower?
The reason I post this is not to depress you (there’s enough negative on the evening news) but to educate you that a home’s assessment is not a true indicator of your homes value. For the differences between assessment, appraisal and CMA, please visit my personal glossary page.
A good Realtor will perform a manually-adjusted CMA, just like a home appraiser. (I won’t say what a lazy agent will do.) The tax man? They generally use only their computers, seldom drive by the property and never step a foot inside.
Who do you think has a better idea about the true value of your home?