Assessed Value Vs Market Value=DIFFERENT

Assessed Value Vs Market Value Market Value Definition: Market value is the most probable price as of a specific date (the date of sale) that a property with all its rights should sell after reasonable exposure to buyers in a competitive market with the sellers under no undue duress (meaning the sellers aren't forced to sell). At its most basic form, house market value is usually the highest price that the home would bring on the real estate market if a reasonable length of time is allowed for the home to sell. In this scenario the buyer will have complete knowledge of the legal uses and purposes of the home. Assessed Value: How the Assessed Value Differs Assessed Value Definition: Assessed value is the value of a property as of a certain date (usually January 1st) according to the tax rolls of your local government jurisdiction (county or city). This value can be higher or lower than market value based on the assessment ratio, which is a percentage of market value. What is an Assessment ratio? The assessment ratio is the percentage that each state uses to determine the property taxes. A state will also determine whether you will be assessed per hundred or per thousand dollars. What does this mean? Example - Your property's market value is $100,000 as of January 1st according to your county. Your neighborhood market activity is normally monitored by a county tax assessor over the course of one year. The assessment ratio in your state is 60%. You take $100,000 x 60% = $60,000. Now that $60,000 is your assessed value. If you want to figure out the actual dollar amount in taxes you will pay, you take that $60,000 and divide it by 100 or 1,000 depending on your state (you can call your local jurisdiction and ask if your taxes are calculated per $100 or per $1,000). In this example your state assesses per 100. Take $60,000 / 100 = $600 x (your county tax rate) = the total amount in property taxes you pay per year!If you need a free CMA on your property please give me a call and I would be glad to assist you.

Joseph Goodman*ABR*GRI*SRES
The Goodman Group & C21 WMRA
615-476-2953 Direct
www.PossessTheLands.com
thegoodmangroup@me.com