What is the difference between assessed value and market value?
By Bob Millaway, South Jersey Community Expert & REALTOR®
Assessed value is determined by your local tax assessor for property tax purposes and is often a percentage of market value, updated on a fixed schedule. Market value is what a willing buyer would pay for your home today, based on recent comparable sales, condition, and location. The two can differ significantly. Your property taxes are based on assessed value, not market value. Appeal your assessment if it exceeds fair market value.
Why It Matters
Confusing assessed value with market value can lead to pricing errors when selling. Knowing the difference helps you manage both your taxes and your sale expectations.
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