What's Your House Worth?

A reader sent the following message to me this week:

"I was looking up my house’s value (to see if it went down at all due to the economy) and came across an interesting blip in Woodstock and 60098’s value of ALL homes on www.real-estate.nextag.com. For some reason all property value went up $200,000 at the very end of 2007 and went down after the beginning of January 2008. I think it lasted about 1 week. I wish I sold my home during this time! Does this have anything to do with the ‘D200 Tax Surprise’ (posted on the Woodstock Advocate December 11, 2007)? "

Is anyone familiar with this website? Was there one high-priced home in Woodstock that sold in the last week of December that resulted in this "blip"?

When the next real estate assessments come out, be ready to pounce! Do your homework now, if you are planning to contest the assessed valuation of your home. Go to your township and get the information about how you file a protest.

Housing prices have dropped. If you list your house and can't sell it for a fair value (I didn't say "Fair Market Value") - if you can't even get any nibbles (or Looky-Lou's) at your asking price - then it's not worth what you are asking. Thus, its value has dropped. Has your assessed valuation dropped?

Not hardly. If it goes down, your tax bill will go down. Think that will happen around here?

It's an interesting website. Go to it and plug in your address. What do you think? Is it fairly accurate?

© 2008 GUS PHILPOTT