Assessed value is not the same as market value or appraised value. There are many homes
that could be sold for significantly more than an assessed value. The assessed
value of a home is used for the purpose of taxes in your local municipality. The
assessed value of a home is multiplied by the local tax rate to determine what
your yearly taxes are. The assessed value has no impact on how much your home
is worth to a potential buyer in the marketplace.
The bottom line is the assessed value has no
impact on how much your home is worth. There are home owners who don’t
pay attention to their assessed value, just to find out their municipality has
been slowly raising it, year after year, even though the market value hasn’t
been increasing.