Homeowners are often surprised – or even shocked – when they receive their annual statement from the local tax appraiser’s office. Often the assessed value of their home is very different than what they believe the property is worth.
With local property tax assessments arriving as we speak, it’s a great time to take a look at the difference between two common real estate terms: “Assessed Value” and “Market Value.”
The Assessed Value is the dollar value assigned to a property by a public tax assessor for the purposes of measuring applicable taxes. The number is very often a point of contention with homeowners, who may believe it to be too high or too low. The Assessed Value does not offer a shortcut to a home’s Market Value.
The Market Value is the highest estimated price a property will bring in a reasonable amount of time if exposed for sale on the open market. Market Value is influenced by such factors as homes that recently sold in the area, the location of the property, the home’s amenities, and the condition of the property. Of course, Market Value is also influenced by the current economy.
Knowing the difference between Assessed Value and Market Value is great. But even better is knowing what your property is worth in today’s fast-paced North Texas housing market. To get started, contact an Ebby Associate today. To find just the right agent for your real estate needs, visit the award-winning ebby.com.