Discussions

Is it common practise for realtors to want to list your house for 50 to 80 thousand less than the city's assessment value.

I don't think so. Otherwise you should be going to the city and appealing your assessment. That is its minimum worth and what you are paying taxes on. Usually when you buy a house you are paying more than what it is assessed at.

A person should never consider City assessment value for current market value.  
 
Your realtor should provide you with up-to-date recent comparable sales data in your area for similar homes.  
 

City assessment has nothing to do (funny I know) with current market price.  
 
Best idea is for the realtor to show you homes similar to yours that have sold recently for what price (the last few months), not the price they were listed for but the actual price they sold for.

I should be worried. As I just received my assessment and it is valued below what I paid for it 4 years ago. I tried not to panic but now im having second thoughts.

Lower the assessment the lower your taxes. As far as I'm concerned be happy with a low assessment. As stated earlier the cities assessment have nothing to do with market value.

someone offered you only assessment value for your home, you are not getting a fair deal.

A rule of thumb is property assessments are 15 % lower then market value, I sent you a pm about a market appraisal-listing your home.

depends on the circumstances but that does seem rather low as sale prices are generally higher then assessed prices, now if you are going for a bidding war, need a quick quick sale or something has happened to your house or property then you might go lower then assessed, your relator should be explaining the reasons and giving you a few options, also know what the market value would be for your house, if you have not signed a contract you can also shop around and get a few opinions before you pick your realtor

friend said "Is it common practise for realtors to want to list your house for 50 to 80 thousand less than the city's assessment value. "

You can get a second opinion.  
 
You can look at what else is listed. Try to find similar features. Divide the list price by sq. footage to get a per foot rate, of similar comps. Then do the same for new builds, and fixer uppers, and try to objectionably look at the level of finish in your home.  
 
You can ask your Realtor for the comps, in theory a good one would have probably provided this info at the onset. However some neighborhoods don't provide alot of turnover and may not have great data available.  
 
Doing the above you can determine whether your Realtor is out of line, or whether it's your expectations that are out of line.

Jaxon said "I should be worried. As I just received my assessment and it is valued below what I paid for it 4 years ago. I tried not to panic but now im having second thoughts. "

our assessment is valued at twice the amount we paid for our home 8 years ago.

Casadie said "A rule of thumb is property assessments are 15 % lower then market value, I sent you a pm about a market appraisal-listing your home. "

send me that as well!