Whats the difference between appraised value and market value?
Appraised value is an opinion of a property’s market value, based on an appraiser’s knowledge, experience and analysis of a property. Comparative market analysis is an informal estimate of market value performed by a real estate agent or broker. It is based on sales of similar homes in the area and generally offers a range of values, including probable market value.
Market value is the most probable price that a property should bring in an open market. Appraised value and market value are close to being one and the same. Appraised value is used for tax assessment purposes. Q: Why did my land value increase so much? A: The overall property value consists of land and building value. The Summit County Fiscal Office determined that land values had been too low in many cases and adjusted them in relation to the total value of the property. In many, but not all, cases, the building accounts for about 80 percent of the total value. There are plenty of exceptions and variables, though, such as lot size and where the property is located. Taxpayers should focus on the total value and not the land vs. building, since sales involve both, appraisers said. Q: Senior citizens are receiving the new homestead exemption this year. Did appraisers inflate property values to make up for the loss of that revenue? A: ”No. Absolutely not,” said Ray Valle, Summit County
