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David, Home Buyer in

How do you determine market value as compared to assessed value?

Asked by David, Fri Feb 28, 2014

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As Lee said, market value is what the market (buyers) are willing to pay for a home. Like an appraisal or any value study, there are variables that impact this figure. The best way to look at is that it's a snapshot of value at a certain time. Things can influence value the next day - new comps, new buyers, disaster, announcements....

Assessed values are voodoo - based on estimated market value and influened with factors used to establish a tax rate. Rarely reliable and very subjective - and remember, most people want low assessments and will not report material improvements that might raise assessed value.
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Wed Mar 5, 2014
David - market value is what a ready willing and able buyer will bear to pay for a property during a certain time period. There are all kinds of ways to estimate market value, and the only way to know true market is to obtain offers from buyers.

The sale of a property determines market value in the market of the moment. Often, one person's opinion of market value conflicts with another person's opinion.

Assessed value is the weighted estimate of value that is the basis of a property tax assessment from the city or county of record.
0 votes Thank Flag Link Sun Mar 2, 2014
Get a market analyses by professional real estate agent with recent sales that include homes in similar location, square footage, year built, upgrades etc. if that fails get a professional appraisal conducted.
0 votes Thank Flag Link Sat Mar 1, 2014
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