What is Market Value and Assessed Value, and how are they different?

Market Value: Market value refers to the estimated price at which a property would sell in the current real estate market. It is determined by various factors, including the property's location, size, condition, amenities, and recent sales of comparable properties in the area. Market value can fluctuate over time due to changes in market conditions, property improvements, or other external factors.Assessed Value: Assessed value, on the other hand, is the value assigned to a property by the local tax assessor's office for the purpose of calculating property taxes. It is usually a percentage of the property's market value. The assessed value is used to determine the amount of property tax you owe to your local taxing authority.Key Differences:Purpose: Market value is used in real estate transactions, such as buying or selling a property. Assessed value, on the other hand, is used solely for tax assessment purposes.Determination: Market value is determined by real estate professionals, ap...