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Why is there a difference in the market, assessed and taxable values?

April 26, 2017assessed market taxable values

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Why is there a difference in the market, assessed and taxable values?

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Market value of your property is the most probable sales price your property should bring in a competitive and open market. Assessed value may be lower than the market value if subject to the Amendment 10 cap. Taxable value is the assessed value less reductions from applicable exemptions.