<\/span><\/h2>\n\nThe main difference between appraised value and taxable value lies in their purpose and the entities that determine them. <\/p>\n
Appraised value: The appraised value is an estimate of a property’s market value, determined by a professional appraiser. This valuation considers various factors such as the property’s location, size, condition, amenities, and recent sales of comparable properties. The goal is to assess what a willing buyer would pay and a willing seller would accept in an open market.<\/p>\n
Taxable value: On the other hand, taxable value is the value assigned to a property by the local government for taxation purposes. It is used to calculate property taxes that the homeowner or property owner is obliged to pay. The taxable value is usually a percentage of the appraised value and is determined by local tax authorities. <\/p>\n
What is the difference between appraised value and taxable value?<\/b>
\nThe difference lies in the purpose and entity determining the values. The appraised value is an estimate of a property’s market value, determined by an appraiser, while the taxable value is used for calculating property taxes and determined by local tax authorities.<\/p>\n