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Why are assessed home values lower than appraised value?

Hi, my home has been appraised for $1,20,000 . but when the county assessed the property value, it came out as $72,000. why is this so? Is there anything to be worried about?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The values are different because the appraiser and the tax assessor follow different approaches to determining the home value. The former inspects the property as well as analyzes the recent sale prices of neighborhood properties.

The county tax assessor considers how recently the property is being assessed and tax needs of the municipality.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Timothy,

Welcome to the forum.

Generally appraised value and assessed value differs. And mostly appraised value is higher than the assessed value of the property.

The difference varies from state to state but it does not much depend on the appraised value, because it is only for your tax assessment.

If you want to get mortgage then the appraised value will mater.

Hope it helps.

Feel free to ask if you have any further questions.

Best of luck.
Larry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Be happy, your taxes will be lower than your appraisers.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

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