Are financial institution sales used in the sales study?
Normally, sales that involve mortgage foreclosures and sales from relocation companies (Distressed Sales) are not considered typical sales and are not used to determine the value of property in the assessment process. The State Tax Commission has allowed the use of these sales in this declining market, but only under strict conditions. In part, they must be in the same physical condition as when they were assessed (normal maintenance). The City of Taylor has researched these distressed sales during this time period and has used the ones that fall within the Commission’s requirements.

Current real estate listings are not used in determining true cash value of properties.

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1. I just bought my property, why isn’t my Assessed Value exactly half of the sales price?
2. Are financial institution sales used in the sales study?