Market Value Vs. Assessed Value

True or False? Property taxes are base off the market value of your home?

Market value is the price a homebuyer is willing to pay for your home and what the seller is willing to accept. Depending on the housing market in your area, this value will fluctuate. Many factors are taken into consideration when we arrive at fair asking price for your home. Once again, it's what the buyer is will to pay and what seller is willing to accept.

Assessed value is a valuation place on the property, by a public tax assessor, for taxation purposes. Any tax exemptions you qualify for and have filed with the county will reflect on this valuation.  Typically speaking, assessed value is lower than market value - good for the homeowner.

Answer: False.  Property taxes are based off an assessed value NOT market value. 

Are you looking to sell your home? We can help you determine your property's value.