You often find City tax assessments that are a fair approximation of the sale value of the home. This would be the best way to value property that I know of, the market price. But more and more I am seeing some that are quite off to the point where the City algorithm used to come up with this number is quite broken. This raises the question, is the assessment too high or too low? Well, in my experience with the City it can occasionally be dim-witted and slow moving, but when it comes to collecting money it suddenly evolves into a tech startup that’d make a google engineer blush with envy. So it seems to me the trend is property to be way over assesed vs what it can sell for in the market. That means the City will be getting a nice tax windfall come June, or I guess September if you want to delay your tax bill this year.
6427 Lombardy is on the market for $499K. But it seems to be worth $630K according to the City, down from a high of $672K! This place would maybe be worth that much if it had a comprehensive gut renovation. Still this is a good deal for the guy who bought it back in ‘71 for 22 grand.