In the world of real estate, you will hear the terms assessed value and market value often. Whether you’re a homebuyer, seller, or simply a homeowner calculating your property taxes, these terms are of high importance.
Assessed value is a sum used to determine the property taxes of a property. During the assessment process, a government assigned assessor considers the condition of the home, property location, market conditions and qualities of the home.
Once they have compared the features of the house, similar properties in the same area and other conditions, they can officially assign a value to your home, which aids in determining property taxes.
Whereas appraisal value is based on a professionally assigned appraiser’s examination of the home for tax assessed values, market value is created by homebuyers.
When a property is listed on the market to be sold, the monetary amount homebuyers are willing to pay for the home and what banks are willing to invest constitutes the market value.
Market conditions play a huge role in market value in comparison to appraised value. If there are more sellers than buyers, there’s a higher chance the market value will be less than the appraised value.
However, if the market is hot and there are more buyers than sellers, your home’s market value may be more than what it’s apprised for.
As you prepare to buy, sell or strengthen your homeownership journey, knowing your market and assessed value can be beneficial for budgeting and gauging a listing price.
Hi, I am Debra Calnan, I have been an active member of my community for over 30 years and I am so excited to be turning that community focus toward Real Estate. My decision to enter the field of Real Estate evolved from a life long love of helping others and a desire to be part of a business that helps guide them through one of the biggest investments of their lives. I enjoy helping people Sell their home and Buyers find the right home and guide them through the process to make those dreams become a reality.
I am down to earth, hard-working and a person of integrity. I am also dedicated to great client services. Allow Lamacchia Realty to guide you through the real estate process. We are here to help make the process go as smooth and stress-free as possible. We think of our clients like family and hope that our first transaction turns into a long term relationship where you will want to refer me to your family and friends.
