We'll start with a look at what the tax records show for 2451 Midtown Ave #1326, Alexandria, VA 22303.
The assessed value is an approximate value what the county or city thinks the property is worth. However, the assessed value is often lower than the actual market value. The market value is what someone would pay for the property if it sold. Assessed value determines the amount of taxes a taxpayer pays. Therefore, the higher the assessed value the higher the taxes on a property.
So homeowners like low assessed values so they pay less in taxes. If the assessed value was closer to the market value, many penny-pinchers would waste a lot of government time arguing about the value of the home with county tax assessors. The taxing jurisdiction avoids this argument by assessing well under market value. That means that if someone argues about the assessed value, the assessor can punish this action by showing that the market value (and thus the taxes) are actually higher than the assessed value. This keeps the number of complaints about assessments to a minimum, and ensures that tax payers only complain when things are really out of whack.
So, in most cases, the assessed value is lower than the market value. Let's take a look at the assessed values of 2451 Midtown Ave #1326, Alexandria VA 22303.
| ASSESSMENT |
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Year Assessed
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Total Tax Value
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Land
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Improvement
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Land Use
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| 2011 |
$797,090 |
$400,000 |
$397,090 |
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| 2010 |
$810,646 |
$400,000 |
$410,646 |
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| 2009 |
$825,855 |
$400,000 |
$425,855 |
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Each year since 2009 the City of Alexandria has reduce the value of improvement (or house) while keeping the same value on the land. If this data is right that means that this house would probably sell for about $882,750 in 2009 but only $852,790 this year. As you start to think about pricing you might want to understand the differences between assessed value, market value and actual value.
Assessed value as described above is an estimate of the taxable value of the property. Market value is what it could/should sell for. Actual value is what's really worth. Sometimes when a market is hot the market value is greater than the actual value. Right now, prices are depressed and some people (like me) might assert that the market value is a little lower than the actual value. This doesn't mean you should or should not buy this house. This is just a statement of opinion and fact to help you make your best decision for your family. Ultimately, I provide advice and facts and you make the decisions.
Properties in Midtowns
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