Many homeowners don’t understand the difference between the tax assessed value of a home and the market appraisal value of a home, but experts Kallie Ritchey and Paul Mundheim help to clear this up in today’s show. Disputing your property tax value doesn’t at all affect the resale value of your home, so there is no reason not to do so. Tax assessed values and market analysis values serve two separate purposes, and it’s important to use both to the best advantage. With a lower tax value and a higher market analysis you will be getting the most money out of your home.
Tax Assessed Value is Different than Market Appraisal Value
Kallie says she hears from a large number of homeowners that they don’t want to dispute their property tax value because they think it will lower the resale value of their home. This is absolutely not the case and generally it’s in your best interest to dispute that property tax value and save some money. The tax assessed value is the number a county assessor puts on your home based on their own scale and formula. It is the value for which they will charge you taxes each year and is figured up at the first of every year. It is generally outdated information by the time you are selling a home.