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What is the difference between assessed value and market value?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Assessed value is what your municipality uses to calculate your property tax bill. Market value is what your home would likely sell for on the open market. In New Jersey, assessed value is supposed to be a percentage of market value, but reassessments happen irregularly, so the two often diverge. If your assessed value exceeds market value, you may have grounds for an appeal.

Why It Matters

Knowing the difference helps you evaluate whether you are overpaying on property taxes and whether an appeal is worth pursuing.

Related Questions

How are property taxes calculated in New Jersey? How do I appeal my property tax assessment? What is the NJ annual property tax deduction? What is a tax assessment and how often is it done? How do property taxes affect my monthly mortgage payment?

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