Home Assessment Doc.pdf

Page 1

The taxable value is too high because the taxable value is significantly over the purchase 

price ($238,000 assessed and taxable vs $225,000 (450,000 purchase price / 2). The 

average uncapped taxable value for 2024 purchases is 6.9% below the purchase price. 

20 properties sold in 2024 in Heritage Hill and the variation of assessed and taxable 

value to sales price was an average of -6.9%. My home, 344 Washington, was purchased 

for $450,000 after the new roof was completed. The new roof cost $28,695.09 with the 

seller paying $15,000 at close and myself paying upfront for materials ($8,457.61 shingles, 

582.60 dumpster, $1,004.88 decking, $3650 to roofing contractor. The purchase price also 

included $6,300 in personal property (see attached table). The net purchase price of the 

home was $415,004.91 after subtracting the cost of the new roof and personal property. 

Applying the average of a -6.9% assessed value revision the new assessed and taxable 

value for 344 Washington should be $192,577.35. (450,000 – 30,000 – 6,300) = 413,700 / 2 = 

206,850 x (1 – 0.69) = 192,577.35 

 

 

 

 

Taxable value is still higher than purchase price. 

Purchased for $450,000 with 

 

$6,300 in personal property 

 

$15,000 in seller credits roofing fee 

 

$3,650 in buyer roofing fee 

 

$10,045.09 in material charges for roof 

 

 

Fair Market Value 415,004.91 

Assessed and taxable value 207,502