People often think a property’s assessed value determines the property’s worth. Assessed value is for taxation purposes only. Different towns assess differently. It’s not uncommon to find an assessed value much lower than fair market value. Fair market value is the price a buyer will pay a seller under reasonable and ordinary conditions. Your Team Horne agent will help you determine a properties fair market value by comparing the property to the local real estate market. This is called a Comparative Market Analysis (CMA or “comp”). Another way to find out a properties market value is through an appraisal. A low assessed value is viewed as a benefit for both the buyer and the seller. A low assessed value means lower taxes. Something a buyer may take into consideration when choosing the right property.
BE CAREFUL! Popular real estate search websites use assessed value when calculating the “value of your home”. If you really want to know how much your home or property is worth, call a Team Horne agent today!