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Posted in: Getting a mortgage, Selling a home

How important is your home's tax-assessed value?

Importance of home's tax-assessed value

Because of our shift to a seller’s market, it is possible that your home’s tax-assessed value is lower than the current market value of your home. According to the Minnesota Department of Revenue, your January '13 tax-assessed value was determined off nearby home sales and market stats gathered between September of 2011 and October 2012.

During that time, the Minneapolis Area Association of REALTORS® reports that the median sales price in our market increased from $155,000 (Sept. 2011) to $175,000 (Oct. 2012). But today, our median sales price reported is much higher, at $208,000. Plus, homes are currently selling at 97.6 percent of their asking price, and some eager buyers are entering multiple offers, which drives sales prices even higher.

It’s a fact that both listing prices and sales prices have increased greatly since October of 2012. So, are you still convinced your tax-assessed value is accurate?  

Edina Realty offers a free comparative market analysis, using current data and market conditions - with no obligation or hassle if you decide you’re not ready to list.

Reach out today for a free home value estimate. Who knows? Maybe your home is worth more than you think.

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Status Definitions

For Sale: Properties which are available for showings and purchase

Active Contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Contingent and Pending statuses may not be available for all listings