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What's the Difference Between a Property Value and a Market Value?
Manage episode 186054255 series 1407771
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What’s the difference between your property value and the market value of your home? I’ve got the answer today.
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I often get questions about how property value, which is based on your tax assessment, fits in with the true market value of your home. These values are two separate items that factor in for two completely different purposes.
Under Colorado state law, properties need to be assessed for tax purposes every two years. The property value that is assessed is used strictly for tax purposes. When the assessors went out this year to reassess properties, they were looking at comparable homes that sold between the years of 2014 and 2016. We are more than a year away from that data, and the market has continued to shift and change. The market value of your home is based on what is currently happening in your local market.
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If you feel that your tax assessment is not accurate or is too high, then you can appeal that assessment with the county assessor’s office. They give you a 30-day window from the time you received your assessment to appeal that number. The market value of your home is based on what is currently happening in your local market.
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If you need help appealing your property tax assessment, or you’d like to find out the true market value of your home, please give me a call. I look forward to working with you.
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