Property values can be accessed through several venues, depending on the type of value you're looking for. A fair market value for the address represents the amount a consumer or investor would purchase the property for, and is the value most often searched. However, if you're looking for the assessed value of the property, you'll need to search county assessment records. Assessed values represent the amount property taxes are based on. You'll need this information if you're purchasing or refinancing a home to calculate your tax payments. Many lenders include tax allocations with your mortgage payment and consider this information when qualifying you for the loan.
Fair Market Value
Use a free Internet value site, such as Zillow, Yahoo! Real Estate or housevalues.com to determine the market value of the property. Enter the address into the search field of any of these sites to view value information. Data displayed for the address may factor in comparable prices for similar homes in the area as well as historical sales information for the specific property.
Contact a local real estate agent. If you’re interested in buying or selling a home, or are just curious about the value of a particular address, a real estate agent can provide you with an estimate of the market value. If the property is not currently listed, an agent might use information similar to Internet value sites to determine the value, such as recent sales history and value trends for the area. For estimates, the property’s size, number of bedrooms and general condition are considered.
Check with your bank or mortgage company. If your bank is in the business of processing loans or refinancing existing loans, a banker might be able to help determine the value of an address you’re interested in. Check with your bank in-person, or take a peek at its website to see if value estimators are available in the loan or mortgage sections.
Contact the assessor’s office for the county where the property is located. Visit the assessor website for contact information or online property searches. Most counties provide property search features on its website under headings such as “Look up a Property,” “Property Taxes” or “Property Search.”
Provide the property address. If you use an online search feature, enter the address in the query fields. If you inquire by phone or in person, give the address to the clerk who assists you.
Get the assessed value information. The assessed value is often less than the market value of the property because assessments are based only on the taxable value of the property. Special attributes for the property, such as non-conforming bedrooms, additions or upgrades, might not be included in the assessor’s survey.
With a background in taxation and financial consulting, Alia Nikolakopulos has over a decade of experience resolving tax and finance issues. She is an IRS Enrolled Agent and has been a writer for these topics since 2010. Nikolakopulos is pursuing Bachelor of Science in accounting at the Metropolitan State University of Denver.