CategoriesReal Estate

Real Estate Vocabulary: Tax Assessed Value, Tax Appraised Value, and Market Assessed Value

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!

CategoriesReal Estate

Real Estate Vocabulary: Do you know what “under contract” and “sale pending” are?

Real Estate, like all the areas, has its own vocabulary, and if you are new to this world and all the hunting process, knowing some of the words will help you in the future. Today, we are going to talk about under contract and sale pending, what they mean, and the difference between them.  

Under contract means that the property has contingencies attached to the contract that need to be reviewed and cleared before closing the offer. These contingencies usually include financing, home appraisal, a home inspection, and sometimes the sale of the buyer’s current home.

Seller’s agents usually take backup offers due to these contingencies falling through and the buyer giving up on the house, so it’s a very common practice on the market. In case you found your dream house and really want it, make the offer and wait, it can still be yours, but remember, you have to wait for the first offer to fall through. 

Sale pending means all the contingencies are already done, in other words, the property is ready to close. So, if you find a house on sale pending, you should move past it, because this house is almost closed. 

It’s important to know that some terms can change depending on the state or region. To be sure where the house is in the sale process, consult your agent to know everything about the property. The more information you have, the better you can make a decision.