“Wrong. It’s worth closer to $500K. There was a smaller home that sold a few doors away last year for $485,000. That’s been well documented on several FR posts. How did you come up with $260,000?”
Not necessarily. First, home prices in that area vary widely, even block to block. Second, although the interior of their house is spacious, it was built in 1936 and has one bathroom. One bathroom houses in this region don’t sell easily, especially when they have more than two bedrooms. Finally, the $260,000 value is the value according to the tax records, the government assessment of their property. Usually, that number understates the value of a home, sometimes a little, sometimes a lot.
But having owned homes in Maryland for over 25 years, I’ve owned homes where the government tax assessment was HIGHER than the actual market value of my home. The assessment of my current home is low by about 7% or so.
Assessments are update in Maryland every three years. If their last assessment was made prior to the current real estate slump, it’s not likely that it’s much lower than market value, and it’s not too terribly unlikely that it’s actually a little higher than market value.
sitetest
The country assessment value listed in various media and on FR too.