CA Home fair market value

psdeckers · ‎March 12, 2023

Just started CA state tax. After entering mortgage balance at beginning and end of year, the next page is titled "About Your Home - Fair Market Value"

It asks, "Enter the value of your home on the date the debt was last secured by the home."

What is this asking? Does it want the value of the home when I refinanced the home many years ago? Is this new for tax year 2022?

Cynthiad66 · ‎March 13, 2023

If the home was refinanced by the mortgage that is deducting the interest, what was the FMV at the time of the refinance.

The Fair Market Value of a home is a number that you would obtain.

You can pay an appraiser $300 to get a value.
If you have a Real Estate Broker friend, they might do it.
You can go on Zillow and look up several homes like yours and get an average price.

If you use the Zillow method you would describe the features of your home as closely as you can. Find the ones closest to your neighborhood, and average them out.

Zillow Website: Zillow Homes for Sale

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