Finding the value of your home requires knowing the assessed value, appraised value and market value of the property. While these terms all determine how much your home is worth, each is used in different ways. Here is a quick guide to assessed, appraised and market value to help:
Assessed value is based on a calculation involving both the fair market value and the assessment rate percentage. Assessment rates vary from one county to the next and can change. To find the assessed value, you multiply the assessment rate percentage by the fair market value to find an estimation of what the property is worth.
Appraised value can be determined by an appraiser. A professional appraisal includes a careful visual inspection of your home to make sure it meets specific standards. You can use appraisal value when buying, selling or refinancing a home.
The fair market value of a property is based on a wide range of factors. Real estate agents can determine the fair market value by evaluating the size, location, condition and features of the home. It can also be affected by the value of similar properties in your area. Knowing the market value of your home is crucial in negotiating a fair buying or selling price.
If you're planning to buy or sell a home, it's important to understand how to find property value. Because they affect both purchase price and property taxes, these values can help you make more informed financial decisions.
David has been helping clients with their real estate needs since 2006. On Hilton Head Island he has experienced and lived in the villa, gated, and non-gated communities. His love of this unique area and care of his client's individual needs are of utmost importance. Whether you seek a dream home or investment real estate he can help you achieve that goal.
He is the current President of the Property Owners Association of Burkes Beach, an upscale beachfront community located mid-island. He is an avid college football fan and University of Tennessee graduate in Business Management. He is the proud Father of five island children, Palmer, Baylor, Banks, Beres, and Jewels.
