This is the dollar value placed on a parcel of property by the Assessor’s Office. It is computed by analyzing thousands of individual sale transactions, thousands of inspections and a thorough study of neighborhoods in your town. It is the Assessor’s estimate of market value. This information is used by taxing authorities to determine taxable value only.
Assessed value is NOT always an indication of market value. Remember, the “estimated Fair Market Value” is an estimate and is only approximate.
Estimated Fair Market Value
Fair Market Value is the value of a home in TODAY’S market. This is the current price a willing and able buyer will pay for a home which could change at any time.
A Comparative Market Analysis or CMA is the best and most accurate way of determining market value. Using this approach, the market value of a home is based upon recent sales (preferably in the current year) of at least three similar neighboring homes.
In theory both values would be identical. But in reality they seldom are because the real estate market is constantly changing and assessed values are typically updated every two years. A real estate agent is the best qualified to help you determine Fair Market Value.
One very important task involved in selling your home is determining the sale price correctly! There is nothing more exciting for a seller than to have multiple offers on their property. And by having multiple offers you can actually end up selling for more than your original asking price when bidders fight for your home.
To find out how much your home is worth call any Nothnagle agent or call 899-MOVE today.