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The assessed value and appraised value are both used in real estate, but they serve different purposes: In short, assessed value impacts taxes, and appraised value reflects market value. Here’s a table summarizing the differences between assessed value and appraised value: Feature Assessed Value Appraised Value Purpose Determines property taxes Determines the market value of … Read more
The assessed value of a property is the value assigned to it by a public tax assessor for the purpose of determining property taxes. It’s a way for local governments to calculate how much you owe in taxes based on the worth of your property. Here’s how it works: For example:If a property has a … Read more
The assessed value and appraisal value are different metrics used for distinct purposes in real estate, and which one is higher depends on the property and location. Here’s a breakdown of each: Assessed Value Appraisal Value Which is Higher? In most cases, the appraisal value is higher because it reflects the current market value of … Read more
Residential appraisal is a critical component of the real estate industry, providing an objective and professional estimate of a property’s market value. This comprehensive guide explores the significance of residential appraisal, the methodology involved, the role of appraisers, and how this process impacts various stakeholders in the real estate market. 1. Understanding Residential Appraisal Residential … Read more