What is your home REALLY worth?

Did you know that the property value on your Wasatch County Tax Assessment statement isn't what your home is really worth?

Wasatch County sends you a tax assessment statement on your property every fall. If you own a home, this assessment usually gives you four numbers. 

1. A Market Land Value (the value of your land or lot)

2. A Market Improvement Value (the value of your home and/or other buildings on your land)

3. A Total Market Value (the land and buildings added together)

4. A Total Assessed Value (55% of your total market value if it's your primary home - this is the amount you are taxed on)

Usually, these numbers don't tell you what the CURRENT appraised value of your home is if you were to list it and sell it today. For the most part, it is quite a bit off actually. 
Here is one of the reasons. The county is required by the state to complete an appraisal for the assessment value on EVERY single home in the county every 5 years.
That means your appraisal by the county might not be up to date. We've seen the growth in the past 5 years and the prices of homes go up in the past 5 years. So, your recorded value could be 4 or 5 years old and off somewhat.
I talked to our county assessor and she was great to answer my questions. She did say that since home sales happen so often in Wasatch County, they do their appraisals more frequently than most counties in the state.
Even though our county officials are diligent in their efforts to keep up with the current economy, the real estate market has it's own mind.
I looked up my house and the Total Market Value recorded in 2016 is $15,000 lower than what I bought it for in 2015. If your assessment statement is similar to mine, then the real value of your home is higher than you think as well.

I don't want you too look at your tax assessment and think that is all your home is worth. If you were to order an appraisal on your home, chances are your numbers would come up very similar to mine - your appraised value (and therefore your sell-it-today-price) would be significantly higher than the Total Market Value recorded on your tax assessment statement. 
Thankfully our Wasatch County officials are pretty smart and strictly adhere to the state of Utah's policy of responding and adjusting our taxes according to the the local economy. There are some state that don't do this, like California, and in some places they are experiencing a crisis because the property taxes they collect will not cover their budget to run their municipalities. Their assessed values are decades old and can't keep up with economic changes.

Hopefully I've given you some helpful information. I may have also raised a few questions in your mind. My job is to keep you the most informed real estate buyer and seller in the area. I would be glad to answer any of your questions. 
Give me a call or text at 801 631-3430

Would you like to know how much your Wasatch County home is worth in 2018?
I would be happy to give you a free of charge, Comparative Market Analysis, specifically for your home.

Brought to you by Heath @ HeathsHomes.com