Hey there, Mike Acquisto, real estate broker, luxury real estate broker Shana Acquisto over here and assessed value. Our job here is to define the word for you, read the definition, used it in a sentence and discuss it. So we have assessed value. Is the valuation placed on a property by a public tax assessor for purposes of taxation? I have it in a sentence. Perfect. Go ahead and use it in a sentence.

The assessed value is not the same as market value.

Oh, that’s really good. That’s really, really good, Sean, to talk more about that.

So, you know, market value is based on what the consumer is paying and willing to pay for a home. And we identify that through an appraisal. And and the comparable sales, the assessed value is what the county comes in and, you know, the value that they give your property. OK, the things that they don’t know is they don’t know the condition. They’re not coming out and looking at your property. Yeah.

So it can vary. Right. So there are two different things. And, you know, oftentimes when we get that assessed value, if it’s much higher than you think you can sell your home for, then you can go and protest those. And that’s a whole different thing. But if it’s below, that means you’re paying taxes on a less amount and you should just zip it and be happy with that.

And, you know, then there would be a third word in there, which would actually be the purchase price of the contract that you agree to. They all don’t have to be the same. The market value could be one thing. The purchase price could be another, could be way inflated during times. It’s amazing what’s currently going on in our market or it could be way less.

There are also depressed times and the property is not doesn’t sell for some reason or another compared to what the market value is. And then obviously the assessed value is a totally different one and that’s what we just find for you. So we’re always here for you. If you guys have any other questions, please let us know. But we’re happy to bring you the word of the day.

Episode Recorded Live on YouTube 4.8.21

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