Is there a reason my home’s assessed value differs compared to the market value?

Is there a reason my home’s assessed value differs compared to the market value?

Yes, there can be several reasons why your home's assessed value may differ from its market value. First, assessed values are generally based on a formula that takes into account factors such as square footage, lot size, and location. These values are updated periodically, but they may not accurately reflect changes in the real estate market over time. Additionally, market values are based on recent sales of comparable properties, while assessed values may be based on outdated information. Finally, market values are based on what a willing buyer would pay for a property, while assessed values may not take into account factors such as curb appeal or home improvements.

Yes, variations between assessed and market values can occur due to factors like recent property improvements, local market conditions, or differences in assessment methods.

Yes.

Yes, the assessed value is typically based on factors like property taxes and local assessments, while the market value is influenced by current real estate market conditions and buyer/seller negotiations.