The 3 Opinions Of Home Value
There are 3 ways to determine the value of your home.
1) MARKET VALUE - The amount that buyers in the marketplace are willing to pay for a property.
2) APPRAISED VALUE- An appraiser determains the appraised value of your home by looking at similar comps in similar locations. This helps the bank determine how much the lender will give you.
3) TAX ASSESSOR'S VALUE- This usually differs greatly from the market value and the appraised value. This is what the town uses to determine the value of your home.