Comparable sales and listings of real estate for sale are good indicators of a property's worth.
While sales provide the real benchmark, listings of properties being offered can often provide a solid secondary estimate. If a house is priced too high, it won't sell.
There's a property listed for sale at 4240 Lindsey Drive, Decatur, GA 30035. Two bedroom, one bath. Built in 1853. The listing says it was recently renovated and "shows like new."
Asking price is $19,000. The listing says the price is reduced. They tried asking for more, but apparently couldn't get it.
DeKalb County's updated reassessment put a $33,400 price on the house. That's down from last year's assessment of $74,700.
Even with the drastic drop in its tax assessed value, this house still looks way overvalued on the county's books.