The Assessed Value is determined either by the Assessor or by the Last Selling Price of the Property.
The Appraised Value is determined by the last Appraisal, which is valid for 60-90 days and for that specific transaction.
The Market Value is determined whenever the Property is SOLD: An estimate as to the Market Value is derived from a Comparative Market Analysis, (CMA), done by a Real Estate Agent.
It would be interesting in many cases, to plot the three different numbers on a chart and see how they differ.
Good luck and may God bless
If you feel that the assessed value should be lowered, hence your taxes lowered, give Matt Nolan a call @ 732.513.1357. He is a 25 year licensed appraiser who spoecialized in Tax Appeals. I recently engaged his services for my development and he has done a bang up job.
He offers a FREE, NO OBLGATION consulation and he he feels the taxes can't be lowered, he won't engaged you in a contract I only know him for a few momths and ALL of my clients are 100% satisfied with his services/feedback.
My apologies for any typos, but is just seems that everything online today is getting smaller and smaller even with my glasses!
Francesca Patrizio, Broker Sales Associate,, ePro, SRES
732.606.2931 (Direct/Cell 24/7)
Unwavering Commitment to Service, Unsurpassed Results
Keller Williams Oceanside Realty
one Atlantic Ave.
Ocean City, NJ 08226
Assessed value = the amount which the local tax office uses to calculate taxes due on the property.
Market value = the amount which a ready, willing and able buyer is willing to pay and which a ready, willing and able seller is willing to accept for a property.
It is the goal that market value and appraised value are close. The assessed value is often irrelevant to market value though that varies from township to township.
My colleagues are correct, there is no problem. Assessed value is for taxing purposes and is a very general idea of what the home might be worth. The appraised value is far more detailed and involves actual time in the home. The difference is general info versus very specific info.
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to error and omission, and not warranted.