Building insurance value

kristopher · **Building insurance value -** 22-02-2007, 06:55 AM

How is a properties insurance/taxable value calculated? Does a surveyor come and estimate the current market value of the property, this figure then being multiplied by the factor of that community? If so can be work the other way? If a property has a recent taxable value of say 100 and the community taxes at 60% of the value is it fair to say the property would be worth around 167.

Would this explain why the estate agent kept telling me how cleaver the owners had been in hiding the properties true value from the surveyor, implying I’d arrive at a lower figure than its true value by back calculating.

leonardo99b7 · **Re: Building insurance value -** 22-02-2007, 08:23 AM

what's the question?
to insure the properly, it's the cost of the house built on the land. So your house cost 1.2 million and the land cost 400'000 then 800'000 is what you should insure your house for.

taxable value "own rent able value" is decided by your community office based on several factors. you do of course offset this with mortgage interest in your tax return.

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