Yay, The Taxman Cometh. . .
It can be very confusing determining the difference between the terms “assessed value” and “market value” when either buying or selling a home. Assessed value is often much less than market value, so buyers would prefer the assessed value while sellers would much rather sell at the market value of the home. It is because of this discrepancy that assessed values are not very reliable when calculating true Real Estate values. Let me explain further.
Simply put, the market value is how much your home is worth on the market today. The market value is usually what the home will sell for and is typically the price used when calculating a listing price for the property. True market value is ultimately the…