GOV
Appraised Value vs. Assessed Value
An explanation of the differences between Appraised Value and Assessed Value of your Real Estate Property.
Appraised Value
The price a property should bring in an open and competitive
market under all conditions requisite to a fair sale, with buyer
and seller acting prudently and without duress. It is the Fair
Market Value of the property.
Assessed Value
A percentage of the appraised value of a property. Assessed
value is determined based on the classification of the property.
The following are real property classifications with their
corresponding assessment percentages:
Residential 19%
Commercial 32%
Example: A property with an appraised (market) value of
$100,000 would have the following assessed values:
Residential $100,000 x .19 (19%) = $19,000 assessed value
Commercial $100,000 x .32 (32%) = $32,000 assessed value
Property taxes are calculated on the assessed value of a
property.
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