Assessed Value VS Market Value
Assessed value is not the same as market value or appraised value.
There are many homes that could be sold for significantly more than an assessed value and others that maybe sold for significantly less. The assessed value of a home is used for the purpose of taxes in your local municipality. The assessed value of a home is multiplied by the local tax rate to determine what your yearly taxes are. The assessed value has no impact on how much your home is worth to a potential buyer in the marketplace. Unfortunately, there are many home buyerʼs who believe that a home that is listed higher than the assessed value is overpriced. This is the furthest from the truth. Home buyerʼs also question if something is wrong with a home if the list price is much less than the assessed value. The bottom line is the assessed value has no impact on how much your home is worth. There are home owners who donʼt pay attention to their assessed value, just to find out their municipality has been slowly raising it, year after year, even though the market value hasnʼt been increasing.
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