Use NYC DOF Market Value to Bid
We want to bid on a 2-family house but the comps in the neighborhood are not consistent. How good is the NYC DOF Market Value (i.e., Assessment Value) for estimating what the starting bid should be as well as how much the Appraised Value will come in (when the bank appraises the property). We would…
We want to bid on a 2-family house but the comps in the neighborhood are not consistent. How good is the NYC DOF Market Value (i.e., Assessment Value) for estimating what the starting bid should be as well as how much the Appraised Value will come in (when the bank appraises the property). We would like to bid at about $20K above the current Assessed Value since the current listing is about 40K above Assessed. However, we’re concerned that the Appraised Value may come in less and we might have to come up with the difference. From a Price/Sq Ft perspective however, even the listing price is very reasonable.
Tax appraisals have very little to do with the price a house sells for. Check recent closing sale prices for similar size and type properties close by, and let that be your guide.