I'm currently assessing a 1940 Renovated Quadruplex that's sale price is listed at $175,000. However, in the course of my research, I found the county appraisers total assessed value at $114,000. It said that the valuation method is CAMA, which is the Computer Assisted Mass Appraisal. Given this disparity between the "Assessed Value" and "List-Price", I question how trust-worthy a CAMA valuation is on potential sale price. All things being equal and assuming the numbers worked, based on this CAMA valuation, I'd certainly be inclined to offer much lower for this property than the listed price. You thoughts are appreciated.
*Additional Info: It's owned by an Investment LLC, 2017 assessed Tax value was $47,000, and last recorded sale price was $126,000 in 2017.
That tells you the tax authority assessed value is in no way accurate, which is pretty much true everywhere.
@WayneBrooks, the property is in J-Ville and I'm seeing a lot of similar instances. I know it's normal for a tax value to be less than an asking price or even comparable value but that much of a difference is intriguing. Should I assume the tax appraisal is flawed or the suggested sale price is flawed...or both.