Homeowners are often surprised when a professional appraisal and the county assessor’s value are not identical. That difference does not automatically mean one of the values is wrong. The two numbers can be developed for different purposes, dates, and processes.
What is an assessed value?
A county assessor values a large number of properties for property-tax administration. Assessment systems generally rely on standardized data, mass-appraisal methods, market information, and an assessment date established by the jurisdiction.
What is an appraised value?
A residential appraisal is a property-specific assignment completed for a defined client, intended use, effective date, and scope of work. The appraiser analyzes the subject property and market evidence relevant to that particular assignment.
Should one always be higher?
No. An appraised value can be higher than, lower than, or similar to an assessed value. Timing, property data, renovations, condition, market changes, and the specific assignment date can all contribute to a difference.
When might a private appraisal help?
A property-specific appraisal may be useful for estate work, divorce, a property-tax appeal, a private transaction, pre-listing decisions, or other situations where a supported opinion of value is needed.
Need a property-specific valuation? Request an appraisal from Epic Appraisal.