What’s the difference between assessed value and market value?

The two types you’ll most likely encounter are market value and assessed value. Market value is the estimated amount active buyers would currently be willing to pay for your home. Assessed value, on the other hand, takes the market value and puts it in the context of your property taxes.Click to see full answer. Thereof, is the assessed value the same as market value?In summary, assessed value is a valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value, on the other hand, is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances.Also, how do you find the market value of an assessed value? Assessed Value = Market Value x (Assessment Rate / 100) The first calculation is based on the market value of the property and the determined assessment rate. The market value is multiplied by the assessment rate, in decimal form, to get the assessed value. Also, can you sell your house for more than the assessed value? In a sellers market, it’s not uncommon for homes to sell above their listing price or even their appraised value. With a pre-appraisal in hand, you can work with your real estate agent to assess market conditions and see if you should price higher or lower than the appraised value.What is the difference between taxable value and assessed value?The assessed value is what your county tax assessor reports the house is worth for purposes of calculating your property tax bill. Taxable value is the figure you actually pay tax on.

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