Our expert mortgage lenders know from experience that a home’s worth differs greatly depending on the customer. Team Mortgage Company works alongside you and your realtor to help determine your home’s value and to maximize your options. We have provided a home value estimate tool to help you gain a basic understanding of where you stand on your home’s current value.
Fill the form out above to see what your home is currently worth. Please keep in mind that the form only offers a general estimate and that you should contact an experienced mortgage lender to help you determine a more exact value.
Your home’s three price tags are based on its market value, replacement value and property tax value. Different values can be used for different reasons and these values may be moving in different directions at the same time.
Market Value
This is the most commonly referenced calculation of your home’s value. It’s the price a buyer would pay for your home in today’s housing market, no matter what you paid for it or how much you’ve added in updates and upgrades.
Knowing the market value allows you to calculate how much equity you have in your home. Home equity is calculated by subtracting the amount you owe on your home from its market value.
Replacement Value
In the event of a total loss, replacement cost helps you rebuild your home based on current construction costs in your area. Replacement value includes the additional cost of tearing down and hauling away the old structure. Also, home builders offer volume discounts that drive down the price of new homes and may not necessarily reduce replacement costs.
Property Tax Value
Taxing authorities use property tax values to calculate your property tax bill. A given home may be taxed by more than one property tax jurisdiction — hospital and school districts, for example — and each may apply its own math. Typically, property tax values are meant to approximate the market value.
The property tax value of your home drives your property tax bill. Sometimes, a big discrepancy between the property tax assessment and the market value occurs, causing your homeowner’s tax bill to be too low or even too high. If the property tax value of a home exceeds the market value, consider contesting the value with your taxing authority to reduce your tax bill. Also, watch for certain actions, such as remodeling, that cause the property value to be reassessed and result in a larger tax bill in the future.
For more information about your home’s current value from the experts at Team Mortgage Company, contact us here or call us directly at 616.974.9710.
