Determining Value

Assessment value is usually used for real property taxation purposes and it may take into consideration the present use, location, original cost, revenue or rental value, selling price of the land and improvements, economical and functional obsolescence and other circumstances affecting the value of the land and improvements. This is used to help determine how much tax you pay each year on your property.

Appraised value is an estimate of the value of a legal interest in land including any upgrades and recent repairs done to the property. Size and location are also taken into consideration. The appraised value typically gives you a better idea what your property is worth because more recent and current sales data are used for this appraisal process.

Market value is the expected or forecasted sales price of your home or property in today’s given market. What will a ready, willing, and able purchaser pay and a ready, willing, and able seller agree to accept as a final sale price. Realtors will be able to determine market value trends as they fluctuate with the economy while taking into consideration the local movement in the market place.