Compass Greater NY, LLC
Ann Marie Damashek, GRI, CBR, SRES, Compass Greater NY, LLCPhone: (917) 623-0624
Email: [email protected]

Why you should know the assessed value of your homes

by Ann Marie Damashek, GRI, CBR, SRES 02/26/2023

Whether you’re searching for your next home to purchase or considering selling your current property, your home’s assessed value is important to know through every stage of homeownership.


When tax assessed value matters & how to calculate it

The assessed value of your home is the estimate of your home’s worth in the current market, and this amount is what's used to determine your yearly property taxes. 


As a homeowner, knowing your assessed property value can help you budget your money more effectively for property taxes and understand if you have enough equity built up to borrow a home loan.


If you purchased your home years prior and are considering selling the property, the current value has most likely greatly increased, so knowing the assessed price of your home can help when deciding how much to list your home for. 


To calculate your home's assessed value, the market value of the home is multiplied by the decimal form of the assessment rate.  The formula for this is:

Assessed Value = Market Value x (Assessment Rate / 100)


Assessments versus appraisals

So, what’s the difference between assessment and an appraisal? The appraised value of your home is how much the property is worth on the market whereas the assessment is the number used by your local government to determine property taxes. 

During an appraisal, usually a state licensed appraiser is sent out by a mortgage lender to examine the property. During the examination they observe the foundation, structure, square footage, HVAC system and more. 

For assessments, your local government hires professional assessors to use data about the home, including previous years appraisals, to determine the worth of the property and how much taxes need to be paid on the property.  

The assessed value of your home is constantly changing due to market conditions. Staying up to date with this information can prepare you, regardless of what step you’re on in the journey of homeownership.



About the Author
Author

Ann Marie Damashek, GRI, CBR, SRES

Ann Marie Damashek has always been a natural at helping people prepare their homes for sale. She started out with a successful business selling goods for people on eBay. "Nine times out of ten they were hiring me because they were down-sizing,” Ann Marie says. "So I decided to get my license. I said, ‘Might as well sell their house too.’” The transition was a smooth one and for nine years she’s had a thriving full-time real estate business that allows her to marry her entrepreneurial spirit with her passion for helping others. With an office in Larchmont, New York, she serves all of Lower Westchester County, with her primary market in the Sound Shore region. The majority of her business is "sphere of influence” with former clients referring her to friends and family. A gifted communicator, Ann Marie quickly builds trust and rapport with her clients by being both thoughtful and responsive; she understands that during the purchase or sale of a home, a quick response time is crucial. "I am very accessible,” Ann Marie says. "I always make time for my clients. They can call me, text me, email me up until 10 o’clock at night and I will respond. I’m available on weekends. I get back to people very promptly. I’m very customer service-oriented.” Her clients appreciate her professionalism, passion and enthusiasm and as a result her repeat and referral rate continues to grow each year. While selling real estate is serious business, Ann Marie knows that at times humor and a moment of levity can be a relief to clients. While she has a laidback and easygoing personality, she can be assertive when needed on her clients’ behalf. She loves being of service to them, and the continually changing nature of the work keeps her engaged and fulfilled. "It’s never boring,” Ann Marie enthuses. "Every day is different. That’s probably what I like most about it. But I also enjoy helping people sell or buy and educating them about the process. I love helping them achieve their goals.” This ethic of service has resulted in well-deserved recognition. Ann Marie has received the Westchester Magazine Five Star Real Estate Agent Rating four years running, in 2015 and 2016 she was the #1 agent in her office, and she’s a Zillow 5-Star Premier Agent. To keep in touch with former clients, Ann Marie sends cards to mark special occasions or reaches out via email. To market her listings, Ann Marie uses Multiple Listing Services (MLS), as well as Listingbook.com, a service that allows both agents and their clients access to MLS data. She also uses a Facebook business page and ads to boost new listings or promote upcoming open houses. "That drives a tremendous amount of traffic,” Ann Marie says. She also uses the most popular real estate websites such as Zillow and Trulia. A strong believer in giving back, Ann Marie sits on the Board of Trustees of her church and is involved in a variety of social justice projects. She’s affiliated with Furniture Sharehouse, a furniture bank for Westchester County, which collects and distributes gently used furniture free of charge to those in need. "I love it on so many levels because as a realtor, it’s helps my sellers downsize through charitable donations. I like the environmental aspect of it as well. And it helps people who truly need things.” She’s also involved in Impact 100, a women’s philanthropic giving organization. In her free time, Ann Marie enjoys gardening, traveling, and spending time with family and friends. For the future, Ann Marie wants to continue expanding her business and developing her brand, and she someday hopes to grow a strong team. But her main goal is to stay in the real estate business, helping her clients to achieve their dreams.