Lower house appraisal by a city: to appeal or not to appeal.

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1

<p>Has your city lowered the appraisal of your house?</p>

<p>What is the best action to take?</p>

<p>I have heard that if the city lower your appraisal, this is good because your taxes are lower. However some people do not like to see their houses to appraise lower because the lower appraisal could be considered if they sell.</p>

<p>Listening others opinions that lower appraisal by the city just mean lower taxes, and have nothing to do with the appraisal ordered at the time of selling the house. Under these circumstances or considering other factors, would it be wise to appeal the appraisal made by your city or would you accept the lower appraisal of your house.</p>

<p>Lower house appraisal by a city: to appeal or not to appeal.</p>

2

<p>Lower appraisal by the city means less property taxes, right?</p>

<p>This shouldn’t affect the real value of your home for resale or refinancing.</p>

3

<p>No, do not appeal - be thankful instead.</p>

4

<p>Don’t appeal. At least around here, appraisals for mortgages will be based on actual sales. If the sales prices have been lower (and I imagine they are since the city is giving you a lower appraisal) you are going to get a lower appraisal if you try to sell no matter what.</p>

5

<p>Most people have to work to get the city to lower the value of their home for tax purposes. Only appeal if you think that the lower value is NOT low enough.</p>

<p>When it comes time to sell, a market appraisal will be the one that drives the selling price of your house. That appraisal could be either higher or lower than the appraisal for tax purposes. If you are going to be in your house for a while with no thoughts of selling, just put away the money you will be saving each year in real estate taxes.</p>

6

<p>Also, if your property taxes are lower because of the reduced appraisal, it makes it easier for potential buyers to afford.</p>

<p>Around here (Long Island) the assessed value of the house (the appraisal done by the town) is not relevant to the market price of the house, except that houses that have lower property taxes are easier to sell.</p>

7

<p>What the city does is an assessment, not an appraisal. It is based on different factors then an appraisal and does not reflect the market value of the property (other then as megmno notes that a lower assessment means lower taxes and that can be a selling point). For more info see [Real</a> Estate Appraisals - Ten things most people just don’t understand about them | Wise Bread](<a href=“http://www.wisebread.com/real-estate-appraisals-ten-things-most-people-just-dont-understand-about-them]Real”>Real Estate Appraisals - Ten things most people just don't understand about them)</p>

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<p>Thanks to all.
-Good article lololu.</p>