What Is The Difference Between Appraised And Assessed Property Value? In the realm of property valuation, understanding the distinction between appraised value and assessed value is crucial. Our YouTube video delves into this topic, providing you with a comprehensive understanding of these terms and their significance.
Appraised value refers to the estimated market value of your property, as determined by a licensed appraiser. This value serves as a benchmark for determining the fair sale price of your property. On the other hand, assessed value is the value assigned to your property by your local government for tax purposes. It is typically calculated by applying a percentage of the appraised value to your property. The assessed value is used to calculate your property taxes.
It is important to note that the appraised value and assessed value may not align. The assessed value is often lower than the appraised value, taking into account factors such as depreciation and tax exemptions. Moreover, the assessed value may be adjusted periodically to reflect changes in market conditions or property improvements.
By keeping track of both values, homeowners can ensure that they are receiving a fair price for their property and paying the correct amount of taxes. Our video provides valuable insights into this process, shedding light on the factors that influence appraised and assessed values.
To further enhance your understanding, we have compiled a list of helpful resources. [ Ссылка ] offers comprehensive property records, while the National Association of Realtors provides valuable information on property appraisal. Additionally, the Internal Revenue Service offers guidance on tax topics related to property valuation.
Join us on this educational journey as we unravel the complexities of appraised and assessed property values. Subscribe to our channel for more insightful content on real estate and taxation.
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