This is not really a math class, really.
A couple of definitions first.....
Market Value = What the Brevard County Property Appraiser Office establishes.
List Price = What the Seller establishes after consultation (?) with their real estate agent
For example, I just saw a new listing for more than $300,000. Sure it is in Viera, Florida but according to the Brevard County Property Appraiser the market value is slightly more than $250,000.
I do not know the "secret formula" used by the taxing authorities when they derive these market values for tax purposes.
I do understand a comparative market analysis will provide a pretty darn good estimation of value.
When buying your new home make sure you check the tax records for assessments. Many times there are sometimes surprises when you buy a new home...don't let this be one!
Of course your Brevard County real estate agent will provide you with some realistic comparative properties. Useful, valid information is key to making any decision.
Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.
Whether your interest lies in a 55+ community, a golf course community or water front, give me a call at 321-693-3850 or email firstname.lastname@example.org.