What is the difference between assessed value, market value and appraised value?
➡️ 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.
➡️ The 𝐌𝐀𝐑𝐊𝐄𝐓 𝐕𝐀𝐋𝐔𝐄 is the most likely price your property should sell for in a competitive and open market, where both buyer and seller act prudently and knowledgeably and neither is under any undue duress to complete the transaction, and where the property has been exposed to the open market for a reasonable time. The market value is also referred to as the fair market value.
➡️ The 𝐀𝐏𝐏𝐑𝐀𝐈𝐒𝐄𝐃 𝐕𝐀𝐋𝐔𝐄 is an evaluation of a property's value based on a given point in time. The evaluation is performed by a professional appraiser during the mortgage origination process. The appraiser is usually chosen by the lender but the appraisal is paid for by the borrower.
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✔️Tawana Bourne, Broker - REALTOR® - Investor
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*Disclaimer. Q&A’s are for marketing purposes only and are not intended to offer real estate advice to non-represented parties. Please consult with a real estate professional under their contractual representation for answers to your real estate questions.