Appraisal and assessment vs actual price
Looking at a fourplex in Sacramento it’s fresh on the market at 800k. Last sold was for 128 and last assessment in 2019 was for 290k.
Why is the assessment and the actual price such a huge difference.
When purchasing multi family is there a different assessment I should look for/appraisal
Most Popular Reply
I think the difference between the assessment and the market price could be due to Proposition 13. In CA, the tax assessment value of an owned home can only rise a maximum of 2% per year. The market price is set, of course, by the market. Someone who is more familiar with the law may be able to shed more light.