Realty Associates
Michael Quinn, Realty AssociatesPhone: (508) 380-7594
Email: [email protected]

Understanding assessed value: How does it compare?

by Michael Quinn 03/08/2023

Finding the value of your home requires knowing the assessed value, appraised value and market value of the property. While these terms all determine how much your home is worth, each is used in different ways. Here is a quick guide to assessed, appraised and market value to help:

Assessed value

Assessed value is based on a calculation involving both the fair market value and the assessment rate percentage. Assessment rates vary from one county to the next and can change. To find the assessed value, you multiply the assessment rate percentage by the fair market value to find an estimation of what the property is worth.

Appraised value

Appraised value can be determined by an appraiser. A professional appraisal includes a careful visual inspection of your home to make sure it meets specific standards. You can use appraisal value when buying, selling or refinancing a home.

Fair market value

The fair market value of a property is based on a wide range of factors. Real estate agents can determine the fair market value by evaluating the size, location, condition and features of the home. It can also be affected by the value of similar properties in your area. Knowing the market value of your home is crucial in negotiating a fair buying or selling price.

If you're planning to buy or sell a home, it's important to understand how to find property value. Because they affect both purchase price and property taxes, these values can help you make more informed financial decisions.

About the Author
Author

Michael Quinn

 I have had many years of experience listing and selling Real Estate between Boston and Worcester. I represent sellers, buyers, builders, landlords, and problem properties. Being in the businesses for many years has allowed me to build strong relationships with many local and national lenders. If you need someone to represent you, please give me a call