What’s the difference between assessed value and market value?
A home’s assessed value:
Is used to calculate property taxes
Is determined by an assessor
Homeowners prefer it to be low (lower assessed value = lower property taxes)
A home’s market value:
Represents how much your home is worth currently on the market; i.e. what it would sell for today
Determined by home appraisers; used by lenders
Homeowners prefer it to be high (higher market value = higher sell price)