“Assessed value” is the amount local or state government has designated for spe cifi c property and frequentl y diff ers from market value or appraisal value . Th is assessed value is used as the basis of property tax and when a property tax is levied . Th e assessed value of real property isn’t necessarily equal to the property’s market value. Approximately 60 percent of U.S. properties are assessed higher than their current value; however, this doesn’t re fl ect what the homes will sell for. WHAT IS YOUR HOME WORTH? The fir st step in selling your home is knowing th e diff erence between value, worth, and price. Let’s examine the determining factors at work. Understanding those factors allows them to be leveraged . Th ere are several ways a home’s value is derived. ONLINE HOME VALUATION One place to begin researching a rough estimate of a home’s market value is online. Several free online tools provide an estimate of your home’s current value based on recent comparable home sales in your area using a comprehensive database. Th e downside of these systems is that the assessment is based on available public data, with no guarantee of accuracy and o ft en using an algorithm that simply averages comparable sales in the geographic are a. Th ese are quick and easy, but do not answer questions regarding factors like location and current local trends. Be aware that in practice, the prices arrived at might be highly inaccurate. For example, a home in Ohio was put into one such system, Re dfin (w ww.re dfin.c om/what-is-my-home-wort h). Th e home
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