What’s the difference between assessed value and market value? Today we’ll be covering the important distinction between these two figures.
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Today we will address an important question: What is the difference between market value and assessed value?
Well, assessed value is the value put on your home by a tax assessor. This value is used to determine the amount a homeowner pays in terms of property tax, municipal tax, federal tax, or whatever tax is applicable in their area.
On the other hand, market value is the value your home would be sold for in the real estate market. It’s determined by what a willing-and-able buyer who is not under duress would pay a willing-and-able seller for their home.
If a home is listed at $500,000 and receives multiple offers, one of which is for $520,000, then the amount of that highest offer would equate to the home’s market value.
To get a more in-depth explanation, please reach out to us by phone or email. Someone from our team would be happy to provide you with that information.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.HOME All Listings Featured Listings Sold Listings Sell My Home Home Evaluation About Us Contact Us BLOG TOP REALTORS®