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.
What is the meaning of assessed value?
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.
What is the difference between appraisal & market value?
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.
Can appraised value be higher than 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.
About the Author
Jamie Jamieson
Professional Association National Association of Realtors (NAR) New York State Association of Realtors (NYSAR) Hudson Gateway Association of Realtors/ Hudson Gateway Multiple Listing Service Education I hold an A.A in Italian Studies and an A.S in Accounting as well as being one of few students accepted into the Cambridge University International Student Study Program abroad as a returning student in 2011. Community Involvement I am proud to serve on the Home & School Board for St. Augustine School in Ossining and maintain the role of a Girl Scout leader. I am an active member of the community assisting in a variety of fundraising efforts. Personal I am a young and energetic agent who prides myself on providing personalized service with honest representation whether you are buying or selling your home. My expertise of the river towns, attention to detail and excitement for real estate are a few of the many assets I will bring to you. I will utilize my eagerness and market knowledge of the area to build lasting relationships with all of my clients that will extend far beyond the closing table. Be at ease from start to finish with my help. In my spare time, I love exploring the Hudson Valley with my husband, three children and our dog, Pippin. I love scoping out the infinite restaurants, farmers markets and other fabulous activities this exciting county has to offer. Experience Before joining William Raveis Legends Realty Group I started my career with Hudson Homes Sotheby's International Realty team. Prior to real estate, I had a remarkable 15+ year career in Restaurant Management/Hospitality including Ruth's Chris Steakhouse, Rivermarket and several establishments in Newport, Rhode Island. My experience in that field provided me with the foundation of excellence in customer service. Areas Covered All of Westchester County and parts of Putnam County.