Today, we are back with real estate vocabulary. Do you have any idea of what tax assessed value, tax appraised value, and market assessed value are? We are going to see what these words mean, but they might change depending on the state you live in. Keep in mind that you should check your state’s policies if these taxes exist there as well.
Tax Assessed Value
This is one of the numbers that varies in the country, so pay attention in your state. This means it is determined by the tax authority from the city or state. Sometimes, the market assessed value is the same, and other times, this is multiplied by the tax assessed value and is usually lower than the market assessed value.
Tax appraised value
This is the real value of the property based on the valuation established by a government tax assessor.
Market assessed value
This is the price that the government assessed for the property in the year the property is on the market. So, this might change accordingly with the market in the area of the house.
This was a little bit more about real estate vocabulary. Keep following our blog to learn more about it!
