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