Assessed Value vs. Market Value | What is Assessed Value?
What is the difference between assessed value vs. market value?
Do you know the difference between assessed value vs. fair market value? Comment below. Let me know what other videos you might like to see!
If you think a homes assessed value and the fair market value have any correlation to one another, then you are wrong!
Often we as Realtors throw around real estate lingo. And these are two of those terms can be similar, but confusing. There is a big difference between an assessed value vs. fair market value.
Let’s start with the definition of an assessed value. It is a value put on a home, a measure for the county, in our case Alameda County, to collect an appropriate amount of taxes to give to the local cities and towns for their services. Assessed value is nothing more than a yardstick to collect taxes.
Let’s start with the definition of fair market value of a home. It is what a buyer would be willing to pay for a property on the open market with no undue influence. Don’t look for fair market values using Zillow.com to figure out what a home is worth!
Here’s one thing that I would like to point out. If you don’t agree with your homes assessment value, there is a process that you can challenge your homes assessed value. There will be some research and some paperwork involved, but if it means saving some money on your taxes, if you truly think your assessed value is wrong, do it.
↠Check out this video about Zillow: https://youtu.be/O5J7NiyGCZs
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