Real Estate Term of the Week - ASSESSED VALUE

What Is Assessed Value & Why Does It Matter?

Assessed value is the valuation assigned to a property by the local tax assessor for the purpose of calculating property taxes. Unlike market value—what a buyer is willing to pay—assessed value is determined using a government formula that considers factors like:  

🏡 Property size, location, and condition
💰 Recent comparable home sales
📊 Local tax assessment rates
🔨 Any improvements or renovations made

Why Does Assessed Value Matter?  

• Determines Property Taxes

Your local government uses the assessed value to calculate how much you owe in annual property taxes.

•  Can Affect Your Budge

If you’re buying a home, knowing the assessed value helps you estimate future property tax costs.  

• Not the Same as Market Value

Your home may sell for more (or sometimes less) than its assessed value, depending on market conditions.  

💡 Pro Tip: If you believe your assessed value is too high, you may have the option to appeal it and potentially lower your property taxes.  

📩 Thinking of selling? Let’s find out your home’s true market value!

Christel Renaud | Christel Miami Luxury Living

912-484-0498 | [email protected]