Tax assessed value VS Market Value

Which one is what your home would actually sell for on the open market?

THE FACTS

  1. Tax assessed value is a value placed on the property for one thing – tax purposes. This value placed on the property is used to determine the amount a homeowner pays in terms of property tax, municipal tax, federal tax, or whatever tax is applicable in their area.
  2. Market value is the value of your home based on recent sales in the area, comparable in size, age, renovations etc. Furthermore, its determined by what a willing-and-able buyer who is not under duress would pay a willing-and-able seller for their home.

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