The Mystery of Home Values: Why Your Assessment Might differ from what you Could Actually Sell it for

Are you scratching your head over your home's assessed value versus what you could actually sell it for? Don't worry, you're not alone! There are a number of factors that can cause these values to differ.

First, let's start with the basics. Your home's assessed value is determined by your local government for the purpose of calculating property taxes. It's based on factors like square footage, number of bedrooms and bathrooms, and the value of similar homes in your area.

On the other hand, market value is what your home could realistically sell for on the open market. This is determined by factors like location, condition, demand, and the current state of the real estate market.

So, why might these values differ? One reason could be that your home has recently undergone renovations or improvements that have not yet been reflected in the assessed value. Another reason could be that your neighborhood is experiencing a surge in demand, driving up market values beyond what the local government has accounted for.

It's important to keep in mind that while these values may differ, they both play a role in determining the financial picture of your home. Assessments impact property taxes, while market value determines how much you could potentially sell your home for.

So, if you're still confused about the difference between assessed and market value, don't worry. Just remember that both values have their place in the world of real estate.