Specializing in Grosse Pointe, St. Clair Shores
Harrison and Chesterfield Twp, Harper Woods
Now, isn’t that a big question these days?
You may perhaps think the value of your home is immeasurable in that it
is the place where your family lives and loves. However, your home has a
monetary value in the marketplace and is quite often the biggest purchase a family will ever make. However, it is sometimes confusing when referring to its value because there are just so many ways to look at it.
Consider what it means when someone says the value of their house is appreciating. That simply means that there is an increase in the value of a house due to changes in market conditions or other causes. Likewise, the value of a home could depreciate or be reduced for the same kinds of reasons.
Some owners may refer to the assessed value of their home. That is the valuation placed upon a property by a public tax assessor for purposes of taxation. Different governmental agencies use different formulas to determine that value. The best thing for a homeowner to do is find out what the formula is and to review the assessed value of their property annually in accordance with that formula.