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Is there a reason my home’s assessed value differs compared?

Asked By John B. | 561 views | Tips Advice | Updated 3 years ago
Answers (3)
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Expert
360 Answers
Amanda Courtney

REP Realty Group

(13)

Assessed value is used for property taxes and may lag behind current prices. It may also include exemptions or mass-valuation methods. Market value is what a buyer will pay today and changes with supply, demand, condition, upgrades, and interest rates. It is completely normal for the two values to be different.
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Rising Star
14 Answers
Jennifer Davidheiser

The Real Estate Professionals, Inc.

(122)

Your assessed value is not your market value. Your assessed value is typically a fraction of your market value used for calculating your property tax amount.

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Novice
3 Answers
Briahna Savage

Keller Williams NY Realty

(23)

The assessed value of a home is an estimate that the city/town uses to provide a value to tax the property and other similar in the area. Comparable value uses data based on recent sales in the area within a certain distance, timeframe, and similar features to your property to determine the value your home could sell for on today’s market.


Briahna Savage
Licensed Realtor NY & PA
[email protected]

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