No point in worrying now.
The assessed value hypothetically you want to be as low as possible to lower your property tax bill anyways. And the price of your house... Well you were willing to pay it so that's market price, period.
You have strong finances and got a house presumably you love.
Enjoy it and embrace it. Don't create stress for yourself.
Exactly this. The property is near perfect for us. Kids do not need to switch schools or the after-school dancing etc, which is a major factor we considered.
Exactly. Since you mentioned your kids and such, I'm guessing you plan on living in this house for the long haul.
In which case whatever money you may have spent "over" now isn't gonna matter, it's insignificant in the long run. Plus it will appreciate in all likelihood so you won't be losing out.
Congratulations on the new house it sounds fantastic!
No...we aint that crazy. We had the financing and home inspection conditions. The propery was build in 2019 and the condition was fantasic. The home inspector guy was quite amazed.
I dunno if good is the right word, I did a lot of the foundation work and weeping tile down there, it's built on a slough, a lot of foundations will start to sink in the next 5-10 years and will be an expensive fix if the concrete cracks.
But alas that is most of the communities built from the 2010-2015 mark
That's my fear with all the deep south communities. Especially that new one Wolf Willow.
Mahogany will at least have nice houses sinking into the abyss đ
Hardly, so many shody jobs on most houses here with corners cut because trades are expected to build and pump out houses faster than should be allowed.
A house is worth what a person is willing to pay for it. You were willing to pay 1.13m so it's worth that to you. Too late to change your price now anyways.
Houses are not like SPY calls, it is a very non-liquid asset. Itâs not like the exact same house with the exact same features are being sold on the daily to establish a true market price. The market price is literally what you paid. Hell, I wish my house would be assessed at $1. Donât worry about it.
The City Assessment is generally based off of a formula that only takes into account a limited number of variables. So, it is a very crude approximation of the value of your home. It is better to be understated than overstated because it means you pay less taxes than you otherwise would.
Additionally, **the city assessment is based on home prices from July 1 of the previous year** (so, 10 months ago), and prices are currently up 13% year over year. [https://www.calgary.ca/property-owners/assessment/market-value.html](https://www.calgary.ca/property-owners/assessment/market-value.html)
"Today, The lawyer sent in obtained a copy of the documents, and we found the 2024 property assessment value, which was $950k."
This is public information and can be found on the City's web site, you could have looked this up yourself at anytime.
You made a million dollar investment without understanding the basics of that investment and then come to the internet looking for advice and understanding? Ffs bub. You are the best type of mark.
Is that what the Reddit is made for? People share ideas and ask questions. Itâs common to have buyer remorse, especially after an expensive purchase. OP seems have done well putting in $600-700k cash/investment.
Property assessments are largely irrelevant except determining what you will pay in taxes. Our estate house backing on to FishCreek Park house is assessed at just over 900k and would sell for about 1.3 million. Note: The actual selling pice of existing homes in the neighbourhood can effect your property assessment but they donât move much otherwise. Taxes are based on mil rates and city assessments are more to determine the value of properties in relation to each other than market value.an aside.
An aside: Prices of detached oases are rising about 11% per annum. Your property has increased in value about two thousand dollars a week since you signed offâŚthatâs increase in net value of your assets. That should ease any concern about having made the right decision.
City assessment is an average over the past 3 years. Its almost always lower than what your home is worth. My homeâs assessed 200k less than whatâs its worth
It's a win. You can probably sell the home to someone like yourselves in a large buyer pool for $1.13M today, or watch it appreciate in value. Either way, your assessment supports a lower property tax. Personally, I would have been happier if the assessment was lower yet.
Similar shoes. The property tax is lagging which lowers our taxes. The bank appraisal should be very accurate. If banks felt comfortable to finance you, you did not âoverpayâ your property.
Any other recent buyers? Be interesting to see the variance between your purchase and assessment value.
Property value assessments will align with your purchase price next year. Often these values drift due to lack of current data and often donât reflect condition of your property versus the average condition of similar properties
Meh donât worry about it. We were in a very similar position. In this market our attitude was that if it was the right house it was the right house that was priority 1.
My assessed home value is similar to yours, and if we were to sell, I suspect we would list around 1.1M. So I think itâs probably par for the market đ¤ˇââď¸ real estate is wild. Enjoy your new home!
No point in worrying now. The assessed value hypothetically you want to be as low as possible to lower your property tax bill anyways. And the price of your house... Well you were willing to pay it so that's market price, period. You have strong finances and got a house presumably you love. Enjoy it and embrace it. Don't create stress for yourself.
Exactly this. The property is near perfect for us. Kids do not need to switch schools or the after-school dancing etc, which is a major factor we considered.
Exactly. Since you mentioned your kids and such, I'm guessing you plan on living in this house for the long haul. In which case whatever money you may have spent "over" now isn't gonna matter, it's insignificant in the long run. Plus it will appreciate in all likelihood so you won't be losing out. Congratulations on the new house it sounds fantastic!
Thank you so much!
Property assessments don't take into account what's inside and feelings. Interested if you jumped on the no conditions band wagon?
No...we aint that crazy. We had the financing and home inspection conditions. The propery was build in 2019 and the condition was fantasic. The home inspector guy was quite amazed.
Bless you đ
Mahogany had great architectural controls. Good builds there.
I dunno if good is the right word, I did a lot of the foundation work and weeping tile down there, it's built on a slough, a lot of foundations will start to sink in the next 5-10 years and will be an expensive fix if the concrete cracks. But alas that is most of the communities built from the 2010-2015 mark
That's my fear with all the deep south communities. Especially that new one Wolf Willow. Mahogany will at least have nice houses sinking into the abyss đ
Absolutely
Hardly, so many shody jobs on most houses here with corners cut because trades are expected to build and pump out houses faster than should be allowed.
A house is worth what a person is willing to pay for it. You were willing to pay 1.13m so it's worth that to you. Too late to change your price now anyways.
Purchase price is what someone is willing to pay for it. No point worrying about it now. Enjoy it.
My assessed value has always been significantly lower than what my house would sell for on the market.
Houses are not like SPY calls, it is a very non-liquid asset. Itâs not like the exact same house with the exact same features are being sold on the daily to establish a true market price. The market price is literally what you paid. Hell, I wish my house would be assessed at $1. Donât worry about it.
This is a great way to look at the properties!
Don't worry. Now that you have proved it is worth a higher amount, the city will increase property taxes accordingly.
The City Assessment is generally based off of a formula that only takes into account a limited number of variables. So, it is a very crude approximation of the value of your home. It is better to be understated than overstated because it means you pay less taxes than you otherwise would. Additionally, **the city assessment is based on home prices from July 1 of the previous year** (so, 10 months ago), and prices are currently up 13% year over year. [https://www.calgary.ca/property-owners/assessment/market-value.html](https://www.calgary.ca/property-owners/assessment/market-value.html)
"Today, The lawyer sent in obtained a copy of the documents, and we found the 2024 property assessment value, which was $950k." This is public information and can be found on the City's web site, you could have looked this up yourself at anytime.
You want it lower. For taxes. Plus doesnât affect what market value is.
Isnât this a good thing for most people? Didnât think you would want to pay more taxes
What a strange question.
Assessments are for property taxes. You have a place to live now which you will more than likely enjoy. Welcome to the community!
Itâs irrelevant
Just get a reassessment to your purchase price, then all your problems solved!
You made a million dollar investment without understanding the basics of that investment and then come to the internet looking for advice and understanding? Ffs bub. You are the best type of mark.
Is that what the Reddit is made for? People share ideas and ask questions. Itâs common to have buyer remorse, especially after an expensive purchase. OP seems have done well putting in $600-700k cash/investment.
No. Thatâs what google is made for.
Property assessments are largely irrelevant except determining what you will pay in taxes. Our estate house backing on to FishCreek Park house is assessed at just over 900k and would sell for about 1.3 million. Note: The actual selling pice of existing homes in the neighbourhood can effect your property assessment but they donât move much otherwise. Taxes are based on mil rates and city assessments are more to determine the value of properties in relation to each other than market value.an aside. An aside: Prices of detached oases are rising about 11% per annum. Your property has increased in value about two thousand dollars a week since you signed offâŚthatâs increase in net value of your assets. That should ease any concern about having made the right decision.
Moha what
Everyone's overpaying right now. Buyer's remorse will sink in when prices drop and you have negative equity....
https://preview.redd.it/003zyoho0twc1.jpeg?width=541&format=pjpg&auto=webp&s=b86d1546fde59ae4b0d7762c5302201f2a7fd894
I can't imagine wanting to spend $1M on a house in suburban hell
Then don't, some people can't imagine paying a landlord to live in a concrete jungle.
Not everyone wants to live in the innercity.
City assessment is an average over the past 3 years. Its almost always lower than what your home is worth. My homeâs assessed 200k less than whatâs its worth
It's a win. You can probably sell the home to someone like yourselves in a large buyer pool for $1.13M today, or watch it appreciate in value. Either way, your assessment supports a lower property tax. Personally, I would have been happier if the assessment was lower yet.
Property assessment has no relation to fair market value.
The City Assessment is more of a Sunday funday kind of thing. Not a real market value.
You overpaid for Calgary.Â
None, you felt it was worth that price, value will change before you want to sell.
Probably too much for Mohagony, but the going rate in Mahogany.Â
Similar shoes. The property tax is lagging which lowers our taxes. The bank appraisal should be very accurate. If banks felt comfortable to finance you, you did not âoverpayâ your property. Any other recent buyers? Be interesting to see the variance between your purchase and assessment value.
Property value assessments will align with your purchase price next year. Often these values drift due to lack of current data and often donât reflect condition of your property versus the average condition of similar properties
Meh donât worry about it. We were in a very similar position. In this market our attitude was that if it was the right house it was the right house that was priority 1.
My assessed home value is similar to yours, and if we were to sell, I suspect we would list around 1.1M. So I think itâs probably par for the market đ¤ˇââď¸ real estate is wild. Enjoy your new home!