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Why do assessed values differ from the assessors estimate of actual (market) value?

April 26, 2017actual assessed assessor differ estimate market value values

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Why do assessed values differ from the assessors estimate of actual (market) value?

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Assessed values differ from the market value of a property for 3 main reasons: 1. fractional assessment ratios, 2. partial exemptions, and 3. decisions by assessing officials to override market value.