{"id":99131,"date":"2025-09-04T11:07:59","date_gmt":"2025-09-04T18:07:59","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=99131"},"modified":"2025-09-04T12:33:59","modified_gmt":"2025-09-04T19:33:59","slug":"assessed-value-vs-market-value","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/assessed-value-vs-market-value\/","title":{"rendered":"Assessed Value vs. Market Value Explained: What is My Home Actually Worth?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When you own or are buying a home, you\u2019ll encounter assessed value and market value. While they both measure <\/span><a href=\"https:\/\/www.redfin.com\/what-is-my-home-worth\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">what your home is worth<\/span><\/a><span style=\"font-weight: 400;\">, they\u2019re used for very different purposes.\u00a0<\/span><\/p>\n<p><b><i>Assessed value:<\/i><\/b><span style=\"font-weight: 400;\"> The value your local government assigns to your home for tax purposes.<\/span><\/p>\n<p><b><i>Market value:<\/i><\/b><span style=\"font-weight: 400;\"> The price a buyer would realistically pay for your home in the current real estate market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This <\/span><a href=\"https:\/\/www.redfin.com\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin real estate<\/span><\/a><span style=\"font-weight: 400;\"> article dives deeper into the differences between assessed value vs. market value, helping you understand how each is determined, why they matter, and how they impact your finances.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-99135\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11.jpg\" alt=\"assessed value vs. market value of a home\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/How-to-buy-a-house-in-2025-11-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is assessed value?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><b>assessed value<\/b><span style=\"font-weight: 400;\">, also known as <\/span><b>tax-assessed value<\/b><span style=\"font-weight: 400;\">, is the official value your local government assigns to your property for tax purposes. It\u2019s not what you could sell your home for today \u2013 it\u2019s a value used primarily to calculate your <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-do-property-taxes-work\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">property tax bill<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">County or municipal tax assessors calculate this value using a combination of property details and market data. Factors often include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lot size and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-calculate-the-square-footage-of-your-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">square footage<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home type (single-family, condo, multi-family, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Age and condition of the home<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Location and neighborhood desirability<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recent renovations or improvements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comparable home sales in the area<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Most jurisdictions apply an <\/span><b>assessment ratio<\/b><span style=\"font-weight: 400;\"> (a percentage of the home\u2019s market value) to determine the assessed value. For example, if your home\u2019s market value is $250,000 and your county uses a 60% ratio, your assessed value would be $150,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This number is used to calculate your <\/span><b>property tax bill<\/b><span style=\"font-weight: 400;\">. Your tax rate, often called a <\/span><i><span style=\"font-weight: 400;\">mill rate<\/span><\/i><span style=\"font-weight: 400;\"> or <\/span><i><span style=\"font-weight: 400;\">levy rate<\/span><\/i><span style=\"font-weight: 400;\">, is then applied to the assessed value. Because assessments are tied to taxes \u2013 not necessarily the real estate market \u2013 assessed value is often significantly lower than market value.<\/span><\/p>\n<p><b>Example:<\/b><span style=\"font-weight: 400;\"> If your assessed value is $150,000 and your county\u2019s tax rate is 1.2%, your annual property tax bill would be $1,800.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is market value?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><b>current market value of a home<\/b><span style=\"font-weight: 400;\"> is the price it would sell for in <\/span><a href=\"https:\/\/www.redfin.com\/us-housing-market\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">today\u2019s real estate market<\/span><\/a><span style=\"font-weight: 400;\">. Unlike assessed value, this figure is shaped by what buyers are willing to pay rather than a tax assessment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market value is shaped by several key factors:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Comparable sales (<\/b><span style=\"font-weight: 400;\">&#8220;<\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-find-real-estate-comps-in-my-area\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">comps<\/span><\/a><span style=\"font-weight: 400;\">&#8220;<\/span><b>):<\/b><span style=\"font-weight: 400;\"> Recent sales of similar homes in your neighborhood.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Housing demand:<\/b><span style=\"font-weight: 400;\"> Competition among buyers and the number of homes available.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Property features:<\/b><span style=\"font-weight: 400;\"> Size, layout, upgrades, curb appeal, and amenities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Economic conditions:<\/b> <a href=\"https:\/\/www.redfin.com\/todays-mortgage-rates\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Mortgage interest rates<\/span><\/a><span style=\"font-weight: 400;\">, inflation, and employment trends.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Timing:<\/b><span style=\"font-weight: 400;\"> Seasonal market shifts or broader economic cycles.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Real estate agents, appraisers, and buyers use market value to guide pricing and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-negotiate-on-house-price\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">negotiations<\/span><\/a><span style=\"font-weight: 400;\">. Because it captures what buyers are willing to pay, your home\u2019s current market value may differ widely from its tax-assessed value.<\/span><\/p>\n<h2>Key differences between assessed value vs. market value<\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Assessed Value<\/b><\/td>\n<td><b>Market Value<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Used by local governments to calculate property taxes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Reflects the price a property would likely sell for in the current market<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Determined by local tax assessors<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Determined by market conditions, agents, and appraisers<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Typically reassessed every 1-5 years<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Fluctuates constantly based on real estate market conditions<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Calculated using a percentage (assessment ratio) of the market value<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Based on comparable home sales and buyer demand<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Affects property taxes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Affects home sale price, refinancing, and home equity<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"font-weight: 400;\">Why the difference between market value and tax-assessed value matters<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re paying property taxes, selling your home, refinancing, or appealing an assessment, each situation depends on a different value.<\/span><\/p>\n<p><b>For sellers: Market value determines your sale price<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buyers and real estate agents ignore assessed value when making <\/span><a href=\"https:\/\/www.redfin.com\/blog\/making-an-offer-on-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">offers<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your home\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-price-your-home-for-sale\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">selling price<\/span><\/a><span style=\"font-weight: 400;\"> depends on market value, based on recent sales of similar homes.<\/span><\/li>\n<\/ul>\n<p><b>For homeowners: Property taxes are based on assessed value<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your assessed value determines your property taxes, not your home\u2019s market value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Even if home prices in your area rise, your property taxes won\u2019t increase immediately because assessed values are updated periodically and are typically lower than market value.<\/span><\/li>\n<\/ul>\n<p><b>For refinancing or taking out a HELOC: Market value matters<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lenders base refinance terms and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-home-equity-loan\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home equity loans<\/span><\/a><span style=\"font-weight: 400;\"> on market value, not assessed value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A higher market value means more <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-calculate-home-equity\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home equity<\/span><\/a><span style=\"font-weight: 400;\">, which can help you qualify for better loan options.<\/span><\/li>\n<\/ul>\n<p><b>For appealing property taxes: Focus on assessed value<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If your property tax bill seems too high, you can challenge the assessed value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Providing evidence that similar homes are assessed for less, or that your assessment is outdated, could lower your property taxes.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">FAQs<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">How can I determine the current market value of my home?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are several ways to estimate what your home could sell for in today\u2019s market:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Online home valuation tools: The <\/span><a href=\"https:\/\/www.redfin.com\/what-is-my-home-worth\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin Estimate<\/span><\/a><span style=\"font-weight: 400;\"> provides a free and instant estimate of <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-price-your-home-for-sale\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">how much your home is worth<\/span><\/a><span style=\"font-weight: 400;\"> based on various data points, such as market conditions, your home\u2019s features, location, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comparable market analysis (CMA): A real estate agent can create a report comparing your home to similar recently sold properties to estimate a realistic selling price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home appraisal: A licensed appraiser conducts a detailed evaluation of your home\u2019s condition, features, and comparable sales, providing an official value often required for mortgages or refinancing.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Using one or more of these methods gives you a clear picture of your home\u2019s current market value and helps guide decisions about selling, <\/span><a href=\"https:\/\/www.redfin.com\/blog\/when-to-refinance-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">refinancing<\/span><\/a><span style=\"font-weight: 400;\">, or leveraging home equity.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is appraisal value, and how is it different from market value?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">An appraisal value is determined by a licensed appraiser, often during the mortgage process. While market value reflects what buyers are willing to pay in the current market, an <\/span><a href=\"https:\/\/www.redfin.com\/blog\/home-appraisal\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">appraisal <\/span><\/a><span style=\"font-weight: 400;\">provides a professional opinion of value based on the home\u2019s condition, location, and comparable sales. Lenders rely on appraisal value to ensure they\u2019re not financing more than a home is worth.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Why is my tax assessed value lower than my home\u2019s market value?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Local governments often set assessed values below full market value to stabilize tax bills and avoid sharp annual increases. This benefits homeowners by keeping property taxes more predictable, even when home prices rise quickly.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Can you appeal your assessed value?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. Homeowners can challenge their property\u2019s assessed value if they believe it\u2019s too high. This typically involves filing an appeal with your local assessor\u2019s office and providing evidence, such as recent sales of comparable homes or proof of inaccuracies in the assessment. A successful appeal could lower your property tax bill.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Do improvements to my home affect assessed value or market value?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Major improvements like renovations or additions can increase both assessed and market value, but assessed value may take time to reflect changes, depending on your local reassessment schedule.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Can market value change even if the assessed value doesn\u2019t?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. Market value fluctuates constantly due to supply, demand, and economic conditions. Assessed value is updated periodically, so it may lag behind market trends.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn the key differences between assessed value and market value in real estate. Discover how each value affects taxes, home sales, and refinancing decisions with this comprehensive guide.<\/p>\n","protected":false},"author":523,"featured_media":99135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[10756,34279,1],"tags":[34529,3621,3991,33479,34622,4007],"coauthors":[31388],"class_list":["post-99131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-post","category-selling-a-home","category-uncategorized","tag-buying-faq","tag-finance","tag-home-seller-tips","tag-home-selling","tag-home-selling-tips","tag-home-buyer-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Assessed Value vs. Market Value Explained | Redfin<\/title>\n<meta name=\"description\" content=\"Understand the difference between assessed value and market value in real estate and how they impact taxes, sales, and refinancing decisions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/assessed-value-vs-market-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Assessed Value vs. Market Value Explained: What is My Home Actually Worth?\" \/>\n<meta property=\"og:description\" content=\"Understand the difference between assessed value and market value in real estate and how they impact taxes, sales, and refinancing decisions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/assessed-value-vs-market-value\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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