Is this a reasonable plan for paying?

annasdad
Mon, 01 Aug 2011 12:48:55 +0000

If your tax assessment is $280k, then it’s likely it will sell for more than that.



Unless you know what state the house is in, and more specifically what community the house is in, and then have current assessment and sales data for the community, you have absolutely no way to justify saying that.

In Illinois, for example, assessments lag the market (because by law, assessments are based on four-year averages of comparable sales). In a time of falling home prices, most Illinoisans would be overjoyed to be able to sell their houses for the amount on which they’re being taxed. In some communities, actual current sales data shows the average price to be around 2/3 of the assessed value.