Assessment Values vs Appraisal Values

January 12, 2015 · Filed Under St. John's General · Comments Off 

 

taxesproperty taxes calculated in St. John’s?

For the taxation year 2015, residential property tax is calculated at the rate of 8.1 mils, or 0.81 per cent of a property’s total assessment. A property with a total assessed value of $100,000 would be charged an annual property tax of $810, calculated as follows:

Assessed Value = $100,000
X Mil Rate = .0081 (8.1 Mils)
Annual Tax = $810

The water tax portion is a separate flat rate of $615 / yr

To search for your property assessment value for St. John’s click here.

To search for all other municipalities outside St. John’s visit the Municipal Assessment Agency or click here for the 2015

market-value-does-not-equal-appraised-value

Appraisal Value

An appraisal is a method of valuation that compares similar properties in a similar area usually within a shortened time frame.  This is similar to a REALTORS® Comparative Market Evaluation (CMA) but not as in-depth. While both are using essentially the same information, they can vary depending on the property, location and appraiser/REALTOR®.  Sellers can be very fixed on this figure, especially when it benefits them.  (think refinancing) The problem with a high appraisal value is that it can be an unreliable means of what the value really is today’s market. Nothing worse then over pricing your home to list.  Just because you have listed your home with the an appraisal in place or not, true market value is what a buyer is willing to give and a seller is willing to accept.

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