What Is The True Value Of Your Home? Assessed Value Vs. Market Value

As your exclusive buyer's agent, our commitment to you extends beyond the completion of your home purchase. Understanding the market value vs. the assessed value of your home is key to making your next buying or selling decision confidently. You can also leverage any equity built in your home to qualify for refinancing or securing a home equity loan.

Assessed value is a valuation placed on a property by the local government for taxation purposes. It is determined by municipal assessors and takes into account factors such as the property's size, age, condition, location, improvements, and recent sales of comparable properties, along with the economic climate and local tax laws & regulations. While assessed value can provide a baseline for tax assessment, it may not accurately reflect the true market value of a property.

Market value represents the price a willing buyer and seller would agree upon in an open market transaction. It’s influenced by various factors like general supply and demand, location, property condition, amenities, and recent sales of similar properties. Market value is typically determined by professional appraisers and serves as a more accurate reflection of a property's worth in the current market.

Because assessments are conducted periodically and may not keep up with rapid market fluctuations, assessed values may lag behind actual market values.

If you have any real estate-related questions or concerns, please do not hesitate to contact us.

Wishing you continued happiness in your home and success in all your endeavors.