What is the difference between the Appraised Value and the Assessed Value of a parcel of real estate?
Appraised Value refers to a property’s fair market value as determined by a qualified appraiser. Fair market value in turn is often, expressed as what a ready, willing and able buyer would pay to a ready, willing and able seller for a particular parcel, without either party being subject to any unusual pressure to either buy or sell. Appraisal standards and methods can be complicated, but generally an appraiser would look at sales of properties which are comparable to the property in question. An appraiser may also look at the cost of replacement of the particular property, as well as the rental or other income which could be expected from the property All of these factors may be considered in arriving at an opinion of value.. Assessed Value refers to the figure placed on a parcel of property by the Berks County Tax Assessment Office for purposes of real estate taxation. While assessments in Berks County were originally based on an estimate of market value at the time of the 1992 count
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