As others have already said, assessed value is related to the taxing districts, with the counties usually being the one in charge of establishing this value. They look at the market, but not on an immediate basis. Therefore, because of the lag in updating assessments that can be years apart, some people were overpaying on their taxes in the last few years unless they protested and insisted on an updated assessment to reflect current market conditions. Obviously, the taxing districts aren't in any hurry to lower assessments since this lowers revenues. When the market starts going back up on a steady basis, be ready for assessed values to go up to match. (Funny how that works, isn't it!)
Is there a specific property you are trying to determine value for in order to put on the market or to purchase? If you're working with a Realtor, ask for CMA. If not, I'd be happy to assist you.
"Market" value would be determined by the buyer's appraiser that is ordered by the lender. The apprasier will used like homes which have closed in the last 90 to 365 days. That is the value the lender will use for the mortgage calculations.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
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Prospect Mortgage offers a full selection of mortgage programs including:
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