How does a trustee determine the value of your home?

[frogger]

Unless the county is updating these values monthly they aren't even close to fair market value. The only reason to use the county valuation is if it is lower than real market value and you can fairly well argue it in court if necessary.

I would even be willing to argue against a TT who insists on using assessed value by providing a CMA or actual appraisal.

So are you saying that in most places the counties overvalue or undervalue the assessed value?

[StartingOver08]

In most places the counties, in this market, overvalue the assessed value. The assessed value has a direct impact on the county budget. The county is not going to reduce values as quickly as the market has been reducing values.

Remember, the Trustee is there to protect the creditors and to find assets.
The Trustee is NOT your friend.

[albacore44]

We are taking our most recent property tax assessment with us. That is what our attorney wanted. Our appraisal was from 05 or 06, and things are different now, so last years assessment it probably more accurate.

Most like your appraisal will be won't work since the housing market took a dump since you had that done.

You can say that again. I just received my assesment for 2009-2010 for the taxes I will pay in December. Good news = tax base reduced to $420K from $497K last year. Bad news = I owe $660K on a house that appraised at $900K in 2007. Boy what a couple of tough years.

[Chowder]

In our case (Indiana), our property tax assessment is very close to be right. Especially now, it actually puts us almost even on the house and what we owe.

Here too. Before the housing crash, market prices were 15 to 20% higher then assessed prices. Now they are very close.

[OhioFiler]

Here too. Before the housing crash, market prices were 15 to 20% higher then assessed prices. Now they are very close.

Many markets have experienced much higher average market price declines than 15-20%.

[pookieny]

Mine use the tax assessed value.

Zillow is not accurate in my area- they have the house 2 doors down from me at $90,000 and it sold for $47,000. It has mine at $100,000 which is lol hysterical, sad to say.