4 Key Differences Between Assessed Value and Market Value

4 Key Differences Between Assessed Value and Market Value

Homebuyers and sellers may be familiar with the concept of assessed value and market value of properties. But while these values may seem similar, they differ in important ways.

It’s a myth that assessed value should equate to market value. While most states support the concept that assessed value approximate estimated market value, that often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.

Here are four differences to help homeowners gain a better understanding of market and assessed value:

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