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Will the value of my property change every year?
Various types of transactions, economic and physical factors can affect your property's value. Adding an extra bedroom, bath, fireplace, finished basement, terrace, or garage will up the value of your home. Or modernizing your kitchen, adding an island work area, or installing ceramic tile, a bathroom with Jacuzzi waterjets, new landscaping, a wet bar, or hot tub can impact value, naturally changing your assessed value. However, the opposite holds true: if your property is in poor repair or damaged by a fire or flood, or if a major structural problem develops (e.g., a foundation crack), or your neighborhood declines, the assessed value would probably decrease.
Your property's value is also linked to the economy of the area. For example, a nearby development of upscale homes can make your property more desirable. Or you live in a community with a healthy growth rate, with more and more people taking up residence, and the demand for housing increasing. On the other hand, a sluggish economy, slow growth, and no demand will probably flatten or cause a decline your property's value.
What a house borders on makes a difference. Are you next to prime beachfront Maui property, a cemetery, a shopping mall, or high school?
The fact that the market value of the property fluctuates may or may not affect the value for real estate taxes; that depends on the tax assessor's method of assessment. Also, the value for purposes of a loan will be determined by the lender's appraisal. So, yes, the value will change will change every year, but with no effect unless there is some transaction involved. |
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