<\/span><\/h2>\nThe main difference between appraised and assessed property value lies in their purpose and methods.<\/strong><\/p>\nAppraised Value:
\nAppraised value is an estimate of a property’s worth determined by a licensed appraiser. Appraisers are skilled professionals who analyze various factors such as location, condition, size, comparable sales, and recent market trends to evaluate a property’s value. Appraised value is typically used in real estate transactions, such as when purchasing or refinancing a home. <\/p>\n
Assessed Value:
\nAssessed value, on the other hand, is used for property tax purposes. It is the value assigned to a property by the local government assessors to determine the amount of property tax that needs to be paid. The assessed value is usually a percentage of the property’s market value, which may vary depending on the state or country. Assessors use different methods, such as mass appraisal techniques, to assess properties within their jurisdiction.<\/p>\n