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Im confused about all of these values. What is the difference between , assessed value, appraised value, and taxable value?

April 26, 2017appraised assessed confused difference taxable value values

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Im confused about all of these values. What is the difference between , assessed value, appraised value, and taxable value?

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A. ASSESSED VALUE refers to the value the assessor places on your property based on replacement costs (calculated from a state manual), depreciation (based on propertys condition and age), and adjustments determined by area sales. APPRAISED VALUE is the value that a licensed professional assigns to your property based on what similar properties in the area have been sold for. Appraised value can be market value, but not necessarily so dependant on the purpose of the appraisal. TAXABLE VALUE is the value of your property after credits and rollbacks. It is this value that is used for computing your real estate taxes.