In a dissolution of marriage, the value of the marital home is often a significant issue. For some marriages, the marital home may be the most valuable marital asset.
Determining the value of the marital home is crucial when attempting to settle a divorce outside of court. If a case ends up in trial, a judge will want to know the value of the marital home or any other real property the parties may own.
Is The Real Estate Assessor’s Value Accurate?
When determining the value of the marital home or other real property, many parties and attorneys refer to the value established by the county real estate assessor. For tax purposes, real estate assessors typically value properties on an annual basis.
The question for many is whether or not the real estate assessor’s value is accurate. The answer to this question is complex in many respects.
In many circumstances, the real estate assessor conducts a drive-by assessment, where they do not even go inside the marital home. Often, they may not even speak with the homeowner to determine if necessary repairs are needed or if upgrades have been made to the house.
For this reason, the real estate assessor’s valuation may be accurate or not. In many cases, it may not be accurate. When a party questions the accuracy of the real estate assessor, it is advisable to have a real estate appraiser value the property. A real estate appraiser can also examine comparable sales in the community to determine the fair market value.
A real estate appraiser will almost always come into the marital home to see the features of the house. They can determine what repairs are needed and which upgrades were made. A real estate appraiser can also testify in court.
Are Real Estate Assessors’ Assessments Admissible?
Even if a party believes the real estate assessor’s valuation is accurate, another issue that comes into play is whether their assessment is admissible in court. Arguably, it is hearsay and lacks foundation, if the other party objects, unless the real estate assessor testifies in court, although an attorney may argue it is admissible as a printout from a government web page.
Similar legal issues can be found in valuations that one can find online, such as through Zillow. However, it would even be more difficult to admit such a valuation in court, given that it is not a governmental web page.
Due to these evidentiary hurdles, hiring a real estate appraiser is often the best course of action for parties going through a divorce who disagree on the value. Hiring a family lawyer who can find a competent real estate appraiser can make a big difference.
