Does Municipal Valuation Have Anything to do with Market Value?
No, it does not.
Assessed value has very little to do with market value.
The assessed value is only the figure that the municipality uses to collect the appropriate amount of rates and taxes.
It’s quite possible for the municipal value to be inflated. This is because blanket rate increases are sometimes applied to particular areas. These may not take into account the condition and size of each property.
Often estate agents confuse buyers. They may show them a property that’s on the market at a price that’s less than the municipal valuation. They do this to convince the buyer that the property is good value.
Don’t let this B.S. fool you – it doesn’t mean a thing.
Always remember this. The market value of a property is what a willing and able buyer is prepared to pay for the property at a given time.
It’s important that you work with a qualified estate agent who knows the area well. They will be able to provide an accurate valuation for the property.
