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| *Loan,banking and credit>>>property tax |
Can anyone have your property assessed without your permission? Not for tax purposes but for determing value? |
I have a lot 1/2 acre with a two story work building. Someone is interested cause they know we are going to sell within the next two years. She said she wanted to get the land assessed without the building value. This does not make sense to me. I fear it could undermine my selling efforts in the future because it is a commercial property with 40 year retail history. I think she just wants it dirt cheap. I dont want her premature assessment to taint any future buyers. Yes - anyone can get a property's value assessed. This would ordinarily be done through a realtor, buyer's advocate or appraiser. They simply access publically held (or subscribed) information on things like: - recent property sales - land value in the area, or retail street - commercial rates and values advertised They then use this information to make an educated estimate of property value (be it land plus buildings or land only). There's nothing too scientific about this, as the resulting amount can only ever be an estimate based on existing information - and that doesn't mean you have to adhere to that price. It also won't effect any future buyers, as it's not then published and any other buyer with half a brain will have their own means of assessing what the market value is for the property - so they can assess their own potential offer. Lastly, she is presumably wanting to work out a market value for the land only, as she may be planning to knock down the existing building to build something else there. It's only for her to calculate what she might offer you - and you can simply say "no". ---------------------- One other thought - you mention that the property has a 40 year retail history. I also noticed on one of your earlier questions that you have a two storey workshop on an otherwise vacant lot that your family has made concrete statues for many years - but have stopped trading. If this question is about the same property, the prospective buyer isn't looking to buy a "business", so the retail history becomes irrelevant and anyone's only going to look at the property value - taking into account what's possible to achieve in the given location. Source(s): My brothers work in commercial real estate, and I've had various properties assessed this way in order to work out what I think they're "worth". I also know plenty of people who work in commercial real estate, who do the same thing. It sounds like she is going to pay someone to help her determine what the land would be worth to her without the building. That would be private information and not public. It would not be published anywhere and should not influence anyone else's opinion of value. It also doesn't need to influence your opinion of value. If you hired a second appraiser they might have a whole different value. The building may have value for some other buyer and of course that would also change the estimate of value. Real Estate Broke since 1978 I suspect that when she said "assessed" she meant "appraised". Everywhere I have been, the tax assessment already calculates the value of the land itself and the improvements separately. Nowhere I have been does the assessment have any connection with true "market value". I wouldn't worry about it very much. She probably thinks that she can intimidate you into selling for the land value since she doesn't want the building, but you're free to hold out for your price. I assume you mean appraisal - an assessment is done by a governmental body, usually the county, and determines tax basis which might or might not have anything to do with what you could sell it for. And yes, they can reappraise your property without your permission. If someone got an appraisal on your property, it would have no effect whatsoever on what you could sell it for. She wants it dirt cheap? So what? She can only buy it if you are willing to sell it to her for a particular price. evaluated yes, assessed, no. ONLY the municipal body assesses. |
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