Rick's Real Estate Roll
Assessed Value Versus Appraised Value and Market Value. Also: How to Appeal An Assessment
Property tax assessments are being released this month. Do you know the difference between assessed, appraised and market value? Do you know how to dispute your property tax assessment?
With the new county property tax assessments being announced today, I thought it would be a good opportunity to explain the difference between an assessed value, appraised value and market value - a source of confusion for some people. Assessed Value – This is the value assigned by the county tax assessor. It is an estimate of the market value of the property as of January 1. Properties in Arlington are assessed once a year and you should receive a letter from the county stating the assessed value of your property. The county assessors rely on recent sales as the bases for the assessments, using sales from July 1, 2009 through June 30, 2010, with emphasis on those sales in 2010. Market Value – This is the price a property would sell for …
Klinnehan
3:20 pm on Monday, January 17, 2011
If you are one of the many people who have received your assessed values of your house and think there is something a little off about the totals, you are most likely correct. In the book, "Are you getting screwed on your Property Taxes" by Patricia Quintilian you will learn how to notice if your house is being over assessed and most likely being over taxed as a result. Quintilian lays out in … more ›