a Berkshire Hathaway affiliate
Posted in: Homeowner tips, Selling a home

Is your home's tax-assessed value accurate?

Tax-assessed home value accuracy

According to the Minnesota Department of Revenue, your recent tax-assessed value was determined from nearby home sales and market stats gathered between September 2012 and October 2013.

Accuracy matters

Many areas have seen significant gains in home prices since that time span, meaning assessed values could be lower than the current market values.

For example, the current median home price in southwest Minneapolis is $358,000. Meanwhile, the median home prices in this area ranged from $250,000 to $333,110 during the months the 2014 tax assessment data was collected. (Source: Minneapolis Area Association of REALTORS®)

That’s a difference of $108,000 from the lowest home prices assessed (in February 2013) and the current median market prices in southwest Minneapolis.

Get a second opinion

If your tax-assessed value is keeping you from selling, consider getting a second opinion. 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.

Join over 48,365 subscribers

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