Appraised Value vs. Assessed Value
An explanation of the differences between Appraised Value and Assessed Value of your Real Estate Property.
The price a property should bring in an open and competitive market under all conditions requisite to a fair sale, with buyer and seller acting prudently and without duress. It is the Fair Market Value of the property.
A percentage of the appraised value of a property. Assessed value is determined based on the classification of the property. The following are real property classifications with their corresponding assessment percentages:
Example: A property with an appraised (market) value of $100,000 would have the following assessed values:
Residential $100,000 x .19 (19%) = $19,000 assessed value
Commercial $100,000 x .32 (32%) = $32,000 assessed value
Property taxes are calculated on the assessed value of a property.
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