Enthusiastic Realtor Ian Watt talks about the difference between the appraised, assessed and market values.
To elaborate a little on what that crazy Canadian is saying (eh?)
• Appraised value is an opinion of a property’s value based on a given point in time. It is performed by a professional appraiser during the mortgage origination process.
• Assessed Value is the value determined by the tax assessor for the County or city. It’s used to determine the amount of tax that the property owner must pay.
• Market Value is the probable price that a house will sell for if it is put on the market. It’s determined by an analysis of the market (usually by a Realtor). The analysis should include looking at similar properties that have sold within recent times as well as looking at similar prices for homes currently on the market.
Stacia & Ben Goheen