When you begin to purchase a home you will hear about Taxed Assessed Value, Market Value, and Appraised Value. These terms can be confusing! We want you to understand all three by explaining them below…
Tax Assessed Value of the Property
The tax assessed value of your property is what your local county thinks the value of your home is and has nothing to do with the market value. Typically, once a year a tax assessment is made and the value may change depending on the local economy.
Market Value of the Property
The market value of the property is what your realtor and buyers will pay for your property. It depends on location, updates you’ve made to the home and a host of other things.
Appraised Value of the Property
A buyer may agree to pay x amount of dollars for a home and the, seller agrees to accept x amount of dollars for the home but the appraiser will determine the value of the home based on the recent comps, adjust any updates or any other repairs needed in the house. The lender will determine your loan value based on this value. In a real estate transaction appraiser places a major role. In some unique home layout or neighborhoods sellers may hire an independent appraiser for the property value. However the lender will still require to employ service of their own independent appraiser.
Tom Reese can give advice on the difference between tax assessed value, market value and appraised value taxes!
About Tom Reese
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