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Why would the value of my home be hiked if I haven't done anything to my property and nothing has sold near mine?
Your piece of the pie may have become larger due to several causes. The value of your house increases due to inflation, interest rates, supply and demand, current market trends, and other normal factors that impact the real estate market. For example, older neighborhoods with good housing may become fashionable as new young homebuyers pop in. A shortage of detached houses in a desirable city neighborhood can also raise values. In a stable neighborhood, with no extraordinary pressure from the market, inflation may increase property value.
Other possible reasons: (1) you were valued at a lower market value in the previous year; (2) fluctuations in real estate sales market, up or down; (3) renovation and modernization, located in an area which has been recently been physically inspected by a county appraiser; (4) change in tax status (you no longer qualify for a disabled persons exemption and (5) changing highest and best use, such as residential to commercial.
It is possible that values in your neighborhood have increased in the previous year due to an increase in sales and sale prices. If your neighborhood's values have increased, then your home's value may also.
Homes located near water are generally more valuable than land located inland. Similarly, land located near an urban center is usually more valuable than land located miles away. |
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