Let’s say someone knocks on your door ready to write a check to purchase your property. You are ready to sell and they’re ready to buy, but how much do you tell them your home is worth? The true market value or true cash value of your home is different if you were going to sell it in foreclosure or in some other type of forced sale. The true market value is what you would get if someone did happen to show up at your home with their checkbook, but how do you give them more information if you don’t have it? Here is how to estimate the true market value of your property.
One way to determine the true cash value of your home is by looking over your property tax bills. Usually an assessor will come up with an abstract number based on the fluctuations of the economy and the housing market. Once you find the assessor’s value, you usually want to double it to get an accurate price for your property. If you were going to sell it privately, you could add a percentage point or two to your final estimate to get the best price, but you never want to gouge.