Market, Appraisal and Assessment Values

Market, Appraisal and
Assessment Values

MARKET Value:

 

APPRAISAL Value:
This value is in the opinion of a licensed appraiser’s knowledge, experience, and analysis of the property at the time they visit the property.

The appraisal is calculated primarily on comparable sales, pending foreclosures, and the most recent sales within a given geographical area which is common for that area.  This may be a given radius of X number of miles or specific unique neighborhood, or limited by rivers or major highways, etc.

It is common for the appraisal to either come in below the agreed upon price or just marginally above that price as the appraiser’s goal is to determine if the lender could resell the property within the next few months for the loan amount the lender is committing to.

ASSESSMENT Value:
This is a typically misused value often seen on real estate web sites to indicate the value of a property.

The assessment value is assigned to the property by the public tax assessor.

It is adjusted when permits are pulled during modifications and filed or when the local authorities decide it is time to reassess the properties within their  

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