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What’s the difference between an Appraisal and an Assessment?

April 26, 2017appraisal assessment difference

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What’s the difference between an Appraisal and an Assessment?

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An Appraisal is an estimate of market value. An Assessment is the value on which taxes are based. Some states assess 100 % of market value, so the Appraisal and Assessment are equal. By law, Tennessee has “Fractional Assessment” which means taxes are based on a fraction of the Appraisal amount.