NYC Finance - Annual Notice of Property Value Accuracy
Community, When it comes to assessing the value of a property how accurate/confident do you think the NYC Finance Annual Notice of Property Value (http://goo.gl/QMsrG) assessments are? I am placing another offer on a house and the assessed value is A LOT less than the asking price. Could I legitimately leverage this document? Thanks again.
Community,
When it comes to assessing the value of a property how accurate/confident do you think the NYC Finance Annual Notice of Property Value (http://goo.gl/QMsrG) assessments are?
I am placing another offer on a house and the assessed value is A LOT less than the asking price. Could I legitimately leverage this document?
Thanks again.
the DOF prices are also not allowed to fluctuate by more than a certain # or percent, meaning they just can’t keep up with market where things move fast.
offer what you think is fair price for the property based on comps.
No bearing. My neightbors all have practically identical or better houses than Iand those homes are all valued at a lower number by DoF
Really not relevant. Too many variables / subjectivities in Brooklyn RE for this to be meaningful. I fear sellers wouldn’t take you seriously if you tried to use it as leverage.
DOF has no connection to reality. If somewhat brought that up in a conversation with me, I’d laugh at them even if it wasn’t polite because the notion is so absurd
I spoke w/ someone from the department who told me that the neighborhood has a massive impact on judging value.
You can try, but I don’t think you’ll get very far. NYC DOF can be slow to catch up to recent sales; doesn’t account for recently renovated vs. in need of everything; DOF may calculate based on square footage that may not reflect additional finished space (like an addition or usable basement space).
The real leverage would be recent comps. The bank’s appraisal will reflect those, and a mortgage contingency may protect you if the place needs to appraise for your price for the loan to be approved.