Most People Think TV=MV (Tax Value = Market Value). This Is Not Quite Right...
Just a quick rant about why first time buyers on through to savvy real estate investors should understand the difference between tax value and market value.
The tax value of a property simply tells you how much money you'll be spending in taxes per annum - nothing else.
The market value of a property tells you what similar homes have sold for recently - indicating what the actual value of the property is at this particular moment.
So often I get asked the following: 'Hey Zane, how much are they asking for that house?' The next question is always 'Hey Zane, what's the tax value of that house?'. The question is fine if you want to know how much the taxes will run you, but everyone asks for the wrong reason. I'm guilty of it too, and it's human nature to want a deal, but these folks should be asking 'Hey Zane, what's the market value of that home'. If you buy a house for tax value, you could be getting a steal of a deal - but you could also be paying too much - it's just not a good measuring stick.
In determining what the property is worth, you can decide if you are making a good purchase or investment. This is just one factor in determining a good strategy for making an offer to purchase on a particular piece of real estate in Greensboro, NC.
I'm Zane Gerringer, and I work full time as a Realtor with Allen Tate Realtors in Greensboro, NC. I believe owning a home and investing in real estate are essential in building a secure financial future for your family. I love representing both buyers & sellers, and I want you to make smart real estate decisions in the Triad!