{"id":228261,"date":"2024-03-30T01:14:09","date_gmt":"2024-03-30T01:14:09","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/?p=228261"},"modified":"2024-03-30T01:14:09","modified_gmt":"2024-03-30T01:14:09","slug":"what-is-total-assessed-value-vs-full-value","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-is-total-assessed-value-vs-full-value\/","title":{"rendered":"What is total assessed value vs full value?"},"content":{"rendered":"

What is total assessed value vs full value?<\/p>\n

When it comes to property assessment, two terms that often arise are total assessed value and full value. While they are related, they have distinct meanings and purposes.<\/p>\n

**Total assessed value** refers to the dollar amount assigned to a property for taxation purposes by a local government. It is calculated using a predetermined formula or assessment methodology. This value is typically a percentage of the property’s market value. Total assessed value is used to determine the amount of property tax a property owner is obligated to pay. <\/p>\n

On the other hand, **full value**, also known as fair market value or true value, represents the estimated worth of a property in an open and competitive market. It represents what a willing buyer would pay and a willing seller would accept for the property. Determining the full value involves considering various factors such as location, property condition, recent sales of comparable properties, and current market trends.<\/p>\n

It is important to note that the total assessed value is not always the same as the full value. This is because the tax assessment process is often distinct from the process used to determine the true market value. While full value represents the property’s worth in the market, the total assessed value is the value used for tax calculations.<\/p>\n

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