February 11th, 2018 8:40 AM by Jackie A. Graves, President
What is the value of your home?
It depends on what you mean by "value."
This figure varies throughout
the U.S. since it is determined by the taxing authority of the city, county, or
state where you live. Sometimes it is the same as the market assessed value and
other times counties will multiply the market value by an assessment ratio to
get the tax assessed value, which is often lower than the market assessed
For example, suppose where you
live, homes are assessed at 100 percent of market value. If you have a home
that has a market value of $150,000, your home will be assessed at $150,000.
However, if your taxing authority assesses homes at 70 percent of value, your
$150,000 market value home will have a tax assessed value of $105,000.
This is the value of real or
personal property based on the valuation established by a government tax
This is the price the
government tax assessor estimates the property would sell for on the open
market as of the effective date for the assessed value for the year in
question. The assessor’s market assessed value is based on actual historical
sales of similar properties for a specified study period.
For example, a market assessed
value with an effective date of January 1 may have been determined considering
comparable sales during the previous 12 months ending September 30 of the
previous year. Sales study periods vary by assessment jurisdiction. Because
historical sales are used, assessed values are typically less than current
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