Appraised Value vs. Market Value

I had a client recently ask me if the “appraised value” on his tax records was indicative of the actual value of his house. The appraised value or market value based on your tax records is the base from which the property taxing authority would be using to tax you. This is different than market value based on sales data.  Sales value is the value one would get if the house were to put yon the market to be sold.

There are over 15 "values" depending on its purpose. For example, the insurance company may calculate the value based on the cost to reconstruct the house. The value or the sales price of one’s house depends on what comparable homes in the area has sold for and the condition of the market.  

If you have any questions about this, please pick up the phone and call me. I’m happy to answer any questions about real estate, 713.444.7766.