How does the "Assessed Value" affect the quote?
The assessed value only affects the transfer tax amounts and only in cases where the assessed value is greater than the purchase price. If there is nothing in the assessed value input box, then we assume the purchase price should be used. We currently pull in the assessed value from field 356 (appraised value) within Encompass.
The example below doesn't include any value or amount within the assessed value field. LodeStar will assume the purchase price of $400,000 should be used to calculate the transfer taxes at $11,600.
The example below does include a value of $500,000 within the assessed value field. LodeStar will calculate the transfer taxes off of the assessed value amount of $500,000 because it is greater than the purchase price amount of $400,000. You can see the increased transfer tax amount of $14,500 below.
If you have a custom field or a different field within a separate LOS, please reach out to email@example.com.