There are 3 different ways to determine the current value of your home: Assessed Value; Market Value; and Appraised Value. And they do not all mean the the same thing: assessed value is not the same as market value or appraised value.
The assessed value of a home is used to determine the property taxes in your municipality; it has no impact on how much your home is worth to a potential buyer in the marketplace.
The appraised value is the value determined by an appraiser for the purpose of mortgages and insurance; ideally you want the appraised value to be in line with market value.
The market value is what a buyer is willing to pay for your home.
Understanding the difference between these three values is important for any home owner or prospective home buyer. If you’re wondering what the market value of your home is, reach out, I’d be happy to help you.
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