to buy mortgage insurance.
“Assessed value” is the amount local or state government has declared for a specific property and frequently differs from market value or appraisal value. This assessed value is used as the basis for if a property tax is levied and, if so, how much that tax will be. The assessed value of real property is not necessarily equal to the property’s market value: approximately 60% of U.S. properties are assessed higher than their current value, though this does not reflect what the homes actually sell for.
WHAT IS YOUR INHERITED H UR INHERITED HOME WORTH?
The first step in selling your inherited property, which may be in a market with which you are not familiar, is knowing the difference between value, worth, and price. Let’s examine the determining factors at work. Understanding those factors allows them to be leveraged. There are several ways a home’s value is derived:
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