Is there a reason your home’s assessed value differs compared to the market value?

"A public tax assessor gives the assessed value for a property. This assessment typically occurs yearly for taxation purposes. The fair market value is an agreed-upon price between a willing buyer and seller. There is usually a difference between the assessed value and market value. For homeowners, the assessed value is a double-edged sword. Because, if their annual assessed value increased then their yearly taxes will also be raised. On the flip side, when selling a house it can help boost its market value."

Citation:

26 most common real estate questions. Online Tenant Screening & Rent Payment. (n.d.). https://www.rentspree.com/blog/real-estate-questions 

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