LBI Real Estate Appraisals and Assessments
- High Tides Digital Marketing
- May 2, 2024
- 2 min read
Long Beach Island NJ Real Estate Appraisals and Assessments
Many buyers, sellers, and homeowners in the Long Beach Island real estate market need clarification on an appraisal and a tax assessment. An appraisal and a tax assessment are two different things, although they are both used to determine a property's value in the LBI real estate market. An appraisal is an evaluation of a property's value by a licensed appraiser. A government agency performs a tax assessment to evaluate a property's value and calculate property taxes for the towns that make up Long Beach Island and the LBI real estate market.
LBI Real Estate Appraisals and Assessments
An appraisal is typically done when a property is bought or sold, refinanced, or when a property owner needs to know its value for other reasons. The most common use of an appraisal in the LBI real estate market is when a buyer looks to obtain a mortgage. The appraiser will consider the property's location, size, condition, and recent sales of comparable properties in the Long Beach Island real estate market to determine the property's value.
On the other hand, a tax assessment is conducted by a local government agency, such as a county assessor's office, to determine the value of a property for tax purposes. The assessment is used to calculate the amount of property taxes that the property owner will owe. The evaluation is usually based on the property's market value, but it may also consider other factors, such as the property's age, condition, and location. While it is meant to be a true market value, often an assessment does not reflect true market value on Long Beach Island.
Long Beach Island NJ Real Estate Appraisals and Assessments
In summary, an appraisal is a professional evaluation of a property's value by a licensed appraiser in the LBI real estate market intended to determine value for an individual or a specific purpose. A tax assessment is a government evaluation of a property's value to calculate property taxes and may not reflect the true market value of a home in the LBI real estate sales market. Understanding the differences between these two terms can greatly help in any LBI real estate sales transaction. For more information about Long Beach Island or about the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
