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Various "values"

Posted by Rich E2 on Friday, 5 April 2019, at 8:53 a.m.
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In response to 143216: Prices listed way above assessment?, posted by Eric H on Friday, 5 April 2019, at 6:53 a.m.

"Assessed value" is what property tax is based on. It is very different from "appraised value" and "market value".

For those buyers seeking mortgage money, the lender (via the mortgage broker) will require an appraisal. This attempts to determine the fair market value of a property, taking many things into consideration. It's purpose is to assure the lender that, if a foreclosure becomes necessary, that they can sell the property for enough money to recoup their loan.

"Market value" is just that, and can vary significantly in the relative short term based on all sorts of "supply and demand" considerations.

What any given property actually sells for is even more variable than market value, and considers personal variables of seller and buyer...now "motivated" is each player? How desirable are certain features to a specific buyer, etc.


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