Substantial variations may arise between the tax assessment value and the actual fair market value of the property. The assessed value is not generally acceptable across financial institutions because it may not reflect the actual fair market value of the property.
For STRATA IRA accountholders, you have four options for submitting real estate valuation updates:
(1) Certified real estate appraisal;
(2) Broker price opinions (BPOs);
(3) Comparative market analysis (CMA).
- For each of the above options, a certified appraiser or other real estate professional is needed, and a signature on the documents submitted is required.
(4) New for 2024 — Supporting documentation from an approved third-party website (Zillow, Realtor.com, or Redfin) will be accepted.
- If your FMV update changes the asset value by 50% or greater, a third-party website valuation cannot be submitted. You will need to provide a signed and certified real estate appraisal, BPO, or CMA.
New for 2024: STRATA's Fair Market Valuation - Real Estate form has been updated to include fast, electronic form submission through ServiceNOW. Accountholders can easily complete, sign, upload supporting documentation, and securely electronically transmit your FMV update directly to STRATA. Click the link below and a pop-up will appear—enter your email and get started today!