ASSESSED VALUE vs. MARKET VALUE
THE NUMBER ONE THING TO REMEMBER ABOUT THE OF YOUR PROPERTY IS THAT IT IS THE OF YOUR PROPERTY!
Your Assessed Value will be used to determine your property taxes, while the Market Value of your home is determined by well, THE MARKET! And the value of your land and improvements.
A real estate agent will determine the market value of your property with some of the following resources:
》inspection of the property, its improvements, and its condition
》recent comparable sales & active competition
》the neighbourhood & available surrounding amentities
but ultimately, the local market conditions will determine the market value of your home.
If you have any questions about the assessed and market values of your home, please reach out to me! If you are interested in reviewing more real estate terminology you can do so on my terminology page at https://teeganbridges.com/terminology.html
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