ASSESSED VALUE versus APPRAISED VALUE - Do you know the difference?

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Real Estate Broker/Owner with Buyers Agent/Luxury/Lake/REO, listing package options

ASSESSED VALUE versus APPRAISED VALUE - Do you know the difference?


All to often there is misunderstanding between the difference...


ASSESSED value is the dollar value assigned to property for purposes of assessing taxes.

APPRAISED value is the unbiased value of the property after a qualified person who is generally employed by an appraisal company, real estate company, lending institute or a bank, has completed an inspection on the property. 


 
Courtesy of Lisa Bear RE/MAX Realty Center

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Comments (10)

Andres Munar
Keystone Alliance Mortgage - State College, PA
Experience The Difference

Good info. May clients don't understand this.

Feb 15, 2011 02:29 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is a question that comes up a lot.  Good post and I am sure that it is one that will be helpful to many.

Feb 15, 2011 02:30 PM
Nor Yeretsian
Envoy Capitol Realty Inc. - Toronto, ON
Envoy Capitol Realty Inc., Brokerage Toronto

Okay - got it , sounds good.

cheers

Nor Yeretsian

Feb 15, 2011 02:31 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lisa, good points that buyer's always ask and actually believe that this is the value of the property and we have to educate them that No that is only for Tax purposes......

Feb 15, 2011 02:37 PM
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Can make a big difference when paying property taxes, especially in California.

Feb 15, 2011 02:40 PM
Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

There you go straight to the point.  Thanks for sharing.

Feb 15, 2011 02:40 PM
Mark Rubley
Rockford IL Real Estate Team Leader serving all of the North Central Illinois Stateline Area. Listing Specialist. - Rockford, IL
Rockford Realtor,Rockford Il Real Estate Home Team

Have a great year! Thx, Mark KW Rockford, Il 

Feb 15, 2011 02:45 PM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Great Point, Lisa.

Here in Florida, the Tax Assessed Values (County Property Appraisal) often remain Absurdly High compared to Actual Value / Appraised Value.

 

Feb 15, 2011 02:47 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Lisa - Thank you for the information on assessed value versus appraised value. Excellent blog.

Feb 15, 2011 04:17 PM
Mark Nehs
Mortgage Loan Officer Waukesha Wisconsin - Pewaukee, WI

It seems like this always comes up.  All the assessment is what you are taxed on.  Thanks.

Feb 16, 2011 03:16 AM

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