What You Looking At? 4 Basic Adjustment For View
Someone’s in a home where the only view is the back of another home. If they learn about another similar-sized home that has a decent view and is assessed by the municipality at the same assessed valuation as their home – justice demands a property tax appeal.
Real Estate Locational Property Value Adjustments For View
How about a nice view hilltop view, and a lake view at a distance for good property value? How about next to a graveyard looking at tombstones view? What about the locational view of a retail store, a waste facility, a view blocked by high buildings, or road signs?
All the above-view examples have property tax adjustment issues compared to homes that have different views. Differences in views between comparable homes need to be accounted for when appraising properties. (NOTE: We provide free comparative home resources.)
Those market value adjustments can be fairly large and are often overlooked when a municipality does its blanket assessment of the area. A rush job appraisal doesn’t take into account many contingencies, often a blind eye is in that equation.
Overall Property Value Adjustment Parameters For View Adjustments
10 to 30% Property Value Price Valuation Adjustment: A home partway up a hill with a partially obstructed water view over neighbors’ rooftops could increase the overall price by 10 to 30%. It depends on the field of vision the view fills, both vertically and horizontally.
30 to 50% Price Valuation Adjustment: Same location but with an unobstructed view.
50 to 75% Price Valuation Adjustment: This estimate is for a home atop a hill with an unobstructed view. It could be a city-scape or open-space vista.
75-100% or more Price Valuation Adjustment: A house with a stunning, unobstructed view of a big lake or the ocean.
When doing a comparative analysis, take into account “view” differences in your comps. Using the Comparative Appraisal Analysis Work Sheet (that we proved to you for free as well as access to free comp sold date resources) either your subject properties view or that of the comps need to be taken into account.
Here’s and opportunity for property owners to do some property value homework to see if they have an over-assessment case. Our site provides free tools for anyone to discover if they have a case that warrants further investigation.
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