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Concerning the $3.3 million purchase price for this property,I see on the County auditor records
that this is 87.8 acres zoned C with land value
$690,640-dwelling $738,600-OBY $20,200 for a total taxable value of $1,429.240 Since the city
does not even have an appraisal, can someone tell
me is the taxable value usually much lower than
an appraised value?
By lin
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Yes
I am pretty sure it is. Take a look at your own tax records for Fairfield Cty. Your property might be worth $100K, but you're only taxed on a percentage of that. And I don't know the percentage.
By David
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Property values
Lin
Yes the market value price at the county records is normally lower than the actual market value of the property. That value is determined by at least two factors. If the property had been sold lately then they have a very clear idea of the true value of the property. If the same owners have owned the property for many years the property is appreciated each year to try to keep up with inflation of property values in general. If building permits have been issued and work done of the property the county will normally send out an auditor to appraise the property. In any event the County normally carries the property on their books at about 90% of the true market value. This will allow in theory a sale in 30 days.
So if you divide .9 into your county figures you will probably get a market value for the land and improvments. However you also must consider the value of the owner's business. I don't believe the county records put a value on that except for personal property that may be taxed.
In any event don't place a lot of weight on the tax records at the county. The purpose of an appraisal is to get current value numbers because the county normally is lagging behind in their appraisals. If they say the property is work $1,500,000 then the land and buildings is probably worth at least $1,800,000. Put in another $1.5 Million for the business than you will have the true value. In most business transactions the seller must make his books open to the buyer before the buyer signs the deal. CLearly the seller has the right to keep that business information just between him and the buyer. Since this is a purchase with public money an appraiser is certainly warranted in this transaction.
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Taxable value
If you look at a tax bill from the Fairfield County Treasurer, there are two values listed. The first is the appraised value. Then there is the 35% taxable value, which is the amount the taxes are calculated on. You should determine first if the value listed is the appraised value or the tax value. If a property is appraised at $100,000, the taxable value is $35,000.
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