What is the difference between assessed value and appraised value?
By Bob Millaway, South Jersey Community Expert & REALTOR®
Assessed value is determined by your local tax assessor for property tax purposes and often reflects a percentage of market value. Appraised value is determined by a licensed appraiser for a specific purpose like buying, selling, or refinancing. Appraised value is based on recent comparable sales and the home's condition. The two values can differ significantly.
Why It Matters
Confusing assessed value with market value can lead to overpricing or underpricing your home. They serve different purposes and are calculated differently.
Related Questions
Explore South Jersey with Bob
Living here is about more than the house. Bob's community guides help you find the right town, compare neighborhoods, and keep up with what's happening across Burlington County and South Jersey.
Still Need Help?
Bob answers every question personally. Send your question directly to him.
Ask Bob Directly