ASSESSED Value vs APPRAISED Value – The assessed value is what the appraisal district (entity that bills your property taxes) thinks the property is worth, not what an appraiser thinks it is worth. Assessed values are assessed once per year. This figure is used to calculate the amount of property taxes due.
The appraised value of a property is what a residential appraiser thinks the property is worth on the day of the appraisal. A lender will lend a percentage of the contract price or the appraised value, whichever is less. A lender doesn’t look at assessed value to determine value, only appraised value.
In a strong real estate market like we’re currently seeing in Austin, often times list prices and contract prices are higher than assessed value, which is to be expected. Assessed value has no bearing on market value in most cases.
When you’re considering making an offer on a property, York Real Estate can help you present a market appropriate offer. We can provide time tested experience and award winning customer service. Call us today 512.275.9675