While "assessed value" and "appraised value" are often used interchangeably, they are actually different.
Assessed Value is what the taxman uses to determine your property taxes. It's the value assigned to your home for tax purposes. Most people protest their assessed value every year to keep their tax bill as low as possible.
Appraised Value is the market's opinion of your home's worth - the price a willing buyer and seller may agree on. An appraiser determines that value by looking at the location, condition and features of your home compared to other homes recently sold well as some that are under contract in your area.
Two different things, but both important in the real estate game!
While both values aim to assess a property's financial standing, the assessed value is geared toward taxation, while the appraised value focuses on market value for various real estate transactions. Understanding the distinction between these values is essential for property owners navigating the intricacies of real estate transactions and taxation.
Would you like to know the market value of your home? Contact me for a free equity analysis.
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