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What is the Difference Between Appraised and Assessed Value?

Is My Home Worth What It's Assessed For?

By: Elaine Roberto

Appraised Value is based on a licensed real estate appraiser’s estimation of the dollar value of a property. This is determined with a review of recent closed sales in an area of similar properties; size of your property, improvements on your property and the overall condition of the property house and land. It also takes into consideration the current condition of the market in your particular neighborhood or area.

Assessed Value is the estimated value given to a property from the city or county assessor. This is the value which you pay taxes on. Determination of this is made by improvements – perhaps when originally built and doesn’t always reflect what recent updates you have in the home. For example: if you have finished a basement or added a sun room, it may or may not be accounted for. Simply put, if a house appraises for $225,000, because other homes of like kind are selling for that amount, and is assessed at $200,000, you only pay taxes based on the $200,000 value.

Another aspect of this question is; does the assessed value reflect the true market value of a property?That depends on how recently the property was assessed, are all improvements noted on the tax records. The Appraised Value is a better assessment of what properties are selling at.

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TheSavvySeniorOnline.com was created as a resource for folks who are retiring to Williamsburg, VA and surrounding areas on the Virginia Peninsula and in the Historic Triangle.  You can search active adult communities, 55+ communities, age restricted communities, as well as homes for sale with first floor master bedrooms, or homes all one story or level.  We know where the best buys are for creating a maintenance free lifestyle!

The Liz Moore Senior Team understands the special needs of those who are downsizing, and we have a variety of resources to help you with auctions, estate sales, consignment, de-cluttering and every phase of getting your home ready to sell.  Be sure to ask us about our free e-book for seniors interested in downsizing!

You can reach us at 757-873-2707 in Newport News and 757-645-4106 in Williamsburg.  Just ask for the Liz Moore Senior Team!