Buncombe County just came out with a new 2021 appraisal on my home. I think it is worth significantly more than the county does. What’s going on?
Great question. County appraisers do not appraise individual homes. They do area appraisal: appraise “similar homes” within areas. They look at several data points such as square footage, number of beds and baths, age, etc. This gives them “average area values.”
So, for example, your house may be “on the golf course” while the neighbor across the street is not. The county area appraisals may be the same, but your house may be worth more.
Your house might up on the hill with a big sky view while an identical house a little lower in your development doesn’t have that view. The county may have them valued the same, but your home may be worth more.
You may be within a gated community while your buddy lives just down the way in a house just like yours but outside the gate. Your home may be worth more even if the county values them the same.
In May I sold a High Vista home on the golf course. The new county appraisal has it valued at $393,000. The house-specific appraisal done for the lender came in at $450,000.
Unless you are interested in selling your home, be content with a lower appraisal. It reduces your taxes.
If you intend to sell your home be certain you engage a professional real estate broker, preferably one that specializes in listing. You will want someone that is expert in correctly pricing individual homes.