I would recommend that you contact a realtor that specializes in listing properties in your area. A good realtor should be able to help you determine what your home should list for and at what price offers are coming in for - based on comparison of your home to recent sales for like homes that are near you.
The other option is to pay for an appraisal.
You are not alone in trying to figure out what your situation in the current housing market is â€“ these days it is a moving target. I do know that you are wise to stay on top of what your assets are worth!
The Assessor does not create the value. People make the value by the decisions they make in the marketplace. The Assessor has the legal responsibility to study those transactions and appraise property accordingly.
"Market Value" is defined as the probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.
Once market values have been calculated based on information gathered by the property appraisers, the values are analyzed to determine how accurate and equitable they are. The property appraiser does not create market value. The buying and selling of property by the general public establishes the value of property in the real estate marketplace.
A comparison of assessments to sales prices is performed to determine ratios, which are then used to measure the levels and uniformity of assessments. Sales ratio studies by neighborhood, type of property and other characteristics are performed on a regular basis to assure uniformity of values.
The items below are examples of factors taken into account when assessors value your property. These factors taken in combination with recent home sale statistics, allow assessors to establish a "market value" assessment for residential properties.
Style of Building (examples: single level, bi-level, specialty homes)
Use of property
Size of lot
Size of house (outside measurements)
Additional Structures (examples: garages, porches, swimming pools)
Type of roof
Fireplaces, air conditioning or other special features
So in my opinion, based on the factual information above, I would agree that "Full Cash Value" is "Current Market Value," unfortunately. This information came directly from an online government source. It's sad to hear, but this is the sad truth.
David is correct if you are looking at your tax bill the full cash value is the assessed value of your home. In Prescott your home may be worth considerably more on the market than that 'full cash' value. Check with me if you are interested in a Comparative Market Analysis on your home. No cost to you.
Have a great day,
"Fair market value" for real estate transaction purposes is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus, by special or creative financing, or sales concessions granted by anyone associated with the sale. This is also referred to as appraised value.