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While assessed value and market value may seem similar, these numbers can be different—typically, the value as assessed is lower—and they’re used in different ways.
Here’s a closer look at market value vs. assessed value, how they’re calculated and what they mean for you.
In short, assessed value is the home’s value come tax time while fair market value is the cost to buy a home in that area. Let’s take a closer look at what you’ll need to know about the differences between assessed value and market value when buying or selling a home.
A home’s market value is the estimated value buyers are willing to pay for a home. A home’s assessed value is generally used for tax purposes and is based on state, county and...
When evaluating real estate, it’s important to know the difference between assessed value and market value.
The primary difference between assessed value and market value is their purposes. If you're planning to sell your home or buy a new one, the fair market value is what you and the buyer or seller agree on.
If you have a home that has a market value of $150,000, your home will be assessed at $150,000. However, if your taxing authority assesses homes at 70 percent of value, your $150,000 market value home will have a tax assessed value of $105,000.