Why Does My Home’s Assessed Value Differ Compared to the Market Value?

Assessed value is the value that a local municipality uses to calculate property taxes, while market value is the price at which the property would sell under normal market conditions. The market value is what buyers are willing to pay when putting in an offer and is based upon comparable properties within the area in a specific timeframe. 

When selling or buying, you’ll want to coordinate with your real estate agent to determine the market value of the property.

Considerations: Article has been modified and adapted from Nerdwallet.com, Rocket Mortgage, Zillow, and Investopedia.