Tax Assessed Market Value - What is the Difference?

When it comes to buying or selling a home in College Station, Texas, it is important to understand the difference between tax assessed value and market value. These two values are not the same, and a difference between the two can have a big impact on your property taxes and the overall worth of your home.

Tax Assessed Value:

Tax assessed value is determined by the local tax assessor and is used to determine property taxes. This value is based on a formula that takes into account the home’s age, square footage, location, and other factors. Tax assessed value is typically lower than market value. The formula used is usually conservative.

Market Value:

Market value is the price that a buyer is willing to pay for a property based on current market conditions. This is usually higher than tax value as it takes into account current market conditions. This value is determined by several factors:

the demand for homes in the area
the availability of similar homes
and the overall economy

Why the Difference Matters:

The difference between the 2 values matter. It can impact your property taxes and the overall worth of your home. So if your tax assessed value is lower than your market value, you may end up paying more in property taxes. But, if your tax assessed value is higher than your market value, you may end up overpaying your property taxes.

How to Determine Your Home’s Value:

Ask a local CENTURY 21 Beal agent to determine the value of your home in College Station, Texas. An experienced real estate agent will be able to provide you with a more accurate market value. They will have access to the most up-to-date information about the local housing market.

Understanding the difference between tax assessed value and market value is important when buying or selling a home.