I've actually had the opposite experience. When we refinanced, the county assessment was lower than our appraisal, and at first, I worried we'd be stuck with a lower valuation. But our lender was more interested in the independent appraisal anyway, so it didn't really hold us back. County assessments seem more about taxes than actual market value, IMO. Always worth getting that independent appraisal done to know exactly where you stand.
Interesting, but my experience was a bit different. When we refinanced, our county assessment was actually higher than the appraisal we got independently. At first, I thought that'd help us out, but nope...the lender didn't care about the county's number at all. They stuck strictly to the independent appraisal. Makes me wonder if county assessments ever really line up with reality or if they're just random numbers for tax purposes.
County assessments can be pretty hit-or-miss, honestly. They're usually done in batches and not always up-to-date with market shifts. Did your independent appraisal come in lower due to recent sales nearby, or was it something else...? Curious how big the gap was.
County assessments definitely lag behind, but honestly, independent appraisals aren't always spot-on either. I've seen cases where appraisers overly rely on recent sales without fully considering property upgrades or unique features. Did your appraisal factor in any recent renovations or improvements? Sometimes, highlighting those specifics can narrow the gap quite a bit...might be worth double-checking the comps they used too, just to be sure they're truly comparable.
"Did your appraisal factor in any recent renovations or improvements?"
Good point about the upgrades...when we refinanced, our appraiser totally overlooked the new deck and landscaping we'd done. Had to politely nudge them with some before-and-after pics. Definitely helped close that gap a bit.
