"Values in a neighborhood can decrease
for numerous reasons: too many listings, foreclosures, short sales, market correction and/or the
quality of the neighborhood has gone down. Given enough time, the neighborhood
will most likely rebound if it is a good quality neighborhood. However, if
values have decreased because the neighborhood has gone to the dogs, then there
is little hope for a rebound in price for that neighborhood.
Foreclosures and short sales have had the most detriment effect on certain
neighborhoods. So overall the sale of these properties will impact the other
homes that are not foreclosures or short sales. "
Amanda Nicodemus Accredited Buyer's Representative, Agent, Harris County, (seen HERE)
"A property assessment is the way the local government
determines how much property tax a property owner must pay. The assessment is normally made
up of two values.
• The unimproved or land value of the property
• The improved or building value of the property
The land or unimproved value is
determined by the highest and best usage of the land as if it were vacant and
ready to be developed. Land value, governed by the dynamics of the local real
estate market, decreases when the supply exceeds the demand and increases when
the demand exceeds the supply. Because the land value fluctuates, or has the
potential to fluctuate, a yearly property assessment is important as it reflects
the amount of taxes a property owner has to pay.
The improvement value of the land is determined by Improvements are any
fabricated objects that are permanently attached to the land, such as buildings,
wells, fencing, and private roads. Anything not permanently attached is personal
rather than “real” property. Personal property can include furniture, fixtures,
commercial equipment, appliances and even entire manufactured homes which are
not installed on a permanent foundation. A yearly assessment is important here
because any changes to improved land can cause a property owner’s taxes to
fluctuate.
Therefore, a property assessment is a yearly assessment of the value of
improved and unimproved land to determine the amount of taxes the owner of the
property must pay to the local government."
Related:
No comments:
Post a Comment