According to Investopedia, “An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.”
Simply stated, assessed home value is used for the purpose of property taxes. A lower assessed home value means you will have a lower tax bill. Buyers and sellers use assessed value to their own advantages. A seller might compare the assessed value to the value the homeowner is asking for the justify the price while a buyer might use assessed value to justify a lower price.
How Much Is My House Worth?
Get a free home value estimate by using our home value estimator. Our estimator will tell you how much your home is worth, and what other homes are selling for in your local neighborhood. Results are a non-specific, system-generated valuation, which is for broad estimation purposes only. The consumer should request a custom market analysis (CMA), for an accurate valuation, as the conclusions may vary drastically.
Buy or Sell a Luxury Home in the Phoenix Valley
Are you trying to buy or sell your luxury home in Phoenix Historic, Scottsdale, Paradise Valley, or Arcadia? Best of Luxury Homes can help. From listings and negotiations to showings and paperwork, we are here for you every step of the way.
