What's the difference between Market Value, Appraised Value and Assessed Value?
Do you know the difference between Market Value, Appraised Value and Assessed Value? If not...you're not alone as many homeowners and future homeowners have not been explained the difference.
It's vital to know the difference between the three types of value: assessed value, appraised value, and market value because not knowing can cost you thousands! In this video I'll explain each one and help you understand how to use them when making real estate decisions.
0:00 Intro
1:03 Market Value
2:07 Appraised Value
2:47 Assessed Value
About
🌎 When it comes to determining the value of a piece of property, there are three main terms that are often used: assessed value, appraised value, and market value. While these terms are often used interchangeably, they actually represent three different concepts. The assessed value is the value that is placed on a piece of property by the government for tax purposes. The appraised value is the estimate of a property's worth that is performed by a professional appraiser. And finally, the market value is the price that a willing buyer and seller agree upon. In general, the assessed value will be lower than the appraised value, which in turn will be lower than the market value. However, there are many factors that can influence each of these values, so it is important to consult with a professional before making any decisions.
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🔎 Sources: Niche, Wikipedia, TravelTime, Census, Google, NTREIS
😀 Info provided is opinion and for entertainment purposes.
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What's the difference between Market Value, Appraised Value and Assessed Value?
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