County Tax Assessment Impact On Appraisal for HELOC

[Omar Chavez]

Hi BP Family!

I'm currently in the process of trying to get a HELOC to get some money for my next deal. The bank didn't do a full appraisal, but instead used an online system called an AVM appraisal, and said my home is worth $198K.

I thought that was low, so I asked my agent to pull some comps for me, and according to the comps, my home is worth about $224K. 

When the banker told me the appraisal came in at $198K, she kept saying that was really good because the county only had it appraised at $170K (I have protested my taxes every year since I moved in 3 years ago). Does the county tax assessment matter when it comes to an appraisal? 

The AVM appraisal was free, but a full appraisal would cost $500. Should I pay for a full appraisal? I'm worried that I may be overestimating the value of my home. It is mostly updated, but needs some finishing touches such as new flooring in the bedrooms and probably some better landscaping. 

Thanks in advance for any advice y'all can give!

[Omar Chavez]

@Kerry Baird thanks for the reply! I decided to go ahead and pay for a full appraisal because according to the comps it should be worth. I'll definitely be giving the appraiser a list of the comps I pulled along with the improvements I've made.

I like that idea of pulling your own credit and using that to shop around!