If you ask any home seller what their biggest worry was when selling their house, most will tell it was figuring out how much their property could sell for. You may have even found this blog by typing in “How much is my home worth?” online, seeking to find an answer yourself. Well, good news, you’ve come to the right place! Figuring out how much your home is valued at, in the current marketplace, may not be as grueling as you suspected. Here are some things you can look into when assessing the value of your home.
Here Are the Sources That Can Help You Answer the Question, “What Is My Home Worth?”
Become Familiar With Your Property Taxes:
One very easy way to determine the value of your property is to check your property tax. If you know what you paid in taxes last year, & you know the tax percentage for your state, it is just a matter of doing some simple calculations. For example, in South Carolina, primary occupied residences (meaning you need to live there) are taxed at a rate of 4% of the house’s overall value. If you are looking to sell a beach house or summer home, it is taxed at 6%. So, for example, let’s say you paid $6,000 in property tax on your primary home last year… $6,000 is 4% of $150,000, so that would be the overall value of your home.
Check Your Local Regulations:
Different states have different rules on property taxes, so it’s important to take that into consideration when trying to appraise your home. Every five years, assessors determine the overall market value of a property in order to properly tax it. Check with your local assessors for the most updated records regarding your property. But, one important thing to remember is that if the property has increased in value, that increase cannot go higher than 15%. So, if your home was valued at $100,000 upon its last assessment, then it cannot be appraised for more than $115,000 with the most recent one. However, that cap can be lifted if the property changes owners or if you add major additions to the house. Maybe it’s time to build that new deck you have always wanted?
Check the Values of Your Neighboring Properties Too:
Assessors are very good at their jobs, so this next scenario is unlikely to happen, but it may be helpful to check the value of other houses in your neighborhood. If you are noticing a significant dissimilarity in what your home is valued at versus what other properties are valued at, you could dispute the assessment with your local government. If they rule in your favor, your property’s value could be bumped up to match the value of the rest of the neighborhood. Again, this scenario would be extremely rare, but it is worth checking up on. Most home value discrepancies occur because the house showcases substandard quality compared to its surrounding properties.
Call Team Lail-Chambers for an Even Easier Way to Assess Your Home!
When you’re ready to learn your property’s value & sell your home, make a call to Team Lail-Chambers today! In addition to our team, led by Bob Chambers & Pheobe Lail-Chambers, we offer a handy property value estimator through our website. We can help you determine your home’s value & find you a new place that accommodates both your taste & your budget. Our staff knows the Lowcountry well & is acquainted with all of the facilities, resources, & services available in each community. We’ll make sure to fit you with a home you’ll love!