The Marin Independent Journal front page headlines was a story about real estate tax valuations going down for the first time since Proposition 13. Somewhere in the article it mentioned that the actual bills were still higher than last year thanks to all the “add-in” taxes. This shows what we all know, home values have come down.
Of course the property tax rolls are a trailing indicator. Just yesterday I was helping a client that wanted to have their assessment value reduced. The assessor wants comparable sales for January-March of this year, (If you were getting a bank loan an appraiser would consider those comps too old). This means as values fall your home is assessed too high and conversely as values rise you get the benefit of an under-assessment.
I ran the numbers for home and condo sales year-to-date this year compared to the same period last year and the results might be surprising to those that rely on the newspaper for this information.
Marin Sales January 1 through September 29:
Single Family Homes (2010) (2009)
No. of sales 1,359 1,139
Median Price $799,000 $769,000
No. of sales 355 350
Median Price $360,000 $322,450
Marin real estate does not seem to look as bad as some headlines would lead you to believe.
Warren Carreiro, Broker