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What is market value?
Assessors place a “value” on property for the purposes of appraisal. The term “value” goes by many different names: it is often called full value, true value, market value, appraisal value, just value, fair cash value, actual value, fair and reasonable market value, or full and fair value.
By far, a large number of states focus on “market value”. The term is defined as the amount of money a typical, well-informed, unrelated buyer would be willing to pay for property. To estimate market value, the assessor determines if charges in the real estate market (e.g., what different types of property are selling for, local construction and repair costs, normal operating expenses, rents, inflation) require a change in the estimated market value.
The term “taxable value”—or “assessed value” in some states—is the dollar value the tax assessor has placed on your property, both real and personal, to calculate taxes owed. |
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