JACKSON COUNTY, Mo. – Tax assessments – and their appeals – have been on the minds of Jackson County residents all summer. It’s affecting people and

What does tax assessment mean when real estate property buying?

What does tax assessment mean when real estate property buying?

The assessed value does not really mean much. As a Realtor representing a buyer I take a look at what the most current assessment says and how much property tax was paid during the last tax year, but that is more to inform my client what their tax obligation will be. Assessed values for property tax purposes are upgraded annually or even bi-annually in most counties. The market value of a home is based upon sales that have occurred within the past three to six months. That data is pulled from the county tax records and the multiple listing system (MLS). The tax records and MLS are a much better indicator of current market value.