Use this post to explain the differences between market value and assessed value. Many first-time buyers don’t understand the difference, and this simple overview is an easy way to educate your less-experienced clients.
- The difference between market and assessed value
- Explaining Market Value & Assessed Value
- Market vs. Assessed Value: What’s it all Mean?
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Ever wondered how much your home is worth? Ever wondered why your property tax bill shows a value which is drastically different that what homes are selling for in your neighborhood? The difference lies in the definition of market value versus assessed value.
From the post:
“What’s my home worth?”
This simple question is often answered three different ways. Ask your public tax assessor, and you’ll get one number (usually low). Look up your house on Zillow and you’ll get another number (usually too high). The third answer is market value, and if you’re selling your house, you’ll usually figure out what that number is (for good or ill) in 30 to 90 days.
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