Tax Assessed Market Value: An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes.
If you think real estate tax assessed value and real estate fair market value have any correlation to one another then you are wrong! As you read further you are going to discover the difference between tax assessed and fair market real estate values.
Let’s set the record straight folks – there is very little correlation in most circumstances between the two values.
This Link at Realtor.com describes this at length.
Be sure you call an experienced Realtor when determining your homes value. Or better yet, have an appraisal done, you can search google and find local appraisers for each county.
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