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Property Tax Assessment vs. Appraised Value: What Is the Difference?
Quick Answer A property tax assessment is the value assigned by the local government for tax purposes. An appraised value is typically an opinion of value.
Quick Answer
A property tax assessment is the value assigned by the local government for tax purposes. An appraised value is typically an opinion of value prepared by an appraiser for lending, sale, or valuation purposes.
Property tax rules vary by state, county, city, township, and school district. The right next step is to review your assessment, confirm your property record, check exemptions, compare recent sales, and act before the local appeal deadline.
Assessment vs. Appraisal
Homeowners often confuse assessed value, appraised value, market value, and taxable value.
A property tax assessment is created by the local assessing authority to calculate taxes. An appraisal is usually performed by a licensed or qualified appraiser to estimate market value for a specific purpose.
What Is a Property Tax Assessment?
The assessment is the value your local government uses under its property tax system.
It may be based on market value, a percentage of market value, mass appraisal, statutory caps, classifications, or local formulas.
What Is an Appraised Value?
An appraised value is usually an individual valuation of a property.
It may be used for a mortgage, refinance, estate, divorce, sale, or appeal evidence.
Which Value Matters in an Appeal?
The assessed value matters because it drives taxation. However, an appraisal can sometimes help show that the assessed value is too high.
Recent comparable sales and property record corrections may also support the appeal.
How LowerPropertyTax.com Helps
LowerPropertyTax.com helps homeowners review whether their property tax assessment may be too high and prepare a ready-to-file appeal packet. You enter your address, answer a few questions, and receive guidance designed to make the appeal process easier.
Click. Print. Mail. One flat fee. No percentage of savings. You keep 100% of your savings.
Think You May Be Overpaying Property Taxes?
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FAQ: Property Tax Assessment vs. Appraised Value: What Is the Difference?
Is assessed value the same as appraised value?
No. Assessed value is assigned for property tax purposes. Appraised value is usually an independent or lender-related opinion of market value.
Can I use an appraisal in a property tax appeal?
Often yes, depending on local rules. An appraisal can support your case if it is relevant to the assessment date and valuation issue.
Why is my assessed value different from my appraisal?
Differences can result from assessment formulas, timing, caps, exemptions, mass appraisal, and changing market conditions.
Should I appeal if the assessment is higher than appraised value?
It may be worth reviewing, especially if the appraisal is recent, credible, and consistent with comparable sales.
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