Appraised Value by sheriiff

[Uri Katriel]

Hello, I'm very interested in buying foreclosed houses. I came across some intriguing offers and I'm curious about how the appraised value is determined and how accurate it is. For example, if I find a house listed at $60,000 with an appraised value of $120,000, how far off is this value from the actual worth? Is the appraised value more conservative or does it lean towards the higher end? I would greatly appreciate your response.

[Bill B.]

The tax value means nothing. In Clark county Nevada it’s less than 1/2 the true value. Many counties started doing this 10 years ago. They lowered the assessed value (the one you could protest) and raised the tax rate (the one you couldn’t protest.). It eliminated a big hassle for the county while raising taxes. 

Many counties explain how they arrive at the assessed rate on their website. 

Here’s Clark county, 35% of value minus 1.5% depreciation is their formula  

https://www.clarkcountynv.gov/...