Finding the value of your home requires knowing the assessed value, appraised value and market value of the property. While these terms all determine how much your home is worth, each is used in different ways. Here is a quick guide to assessed, appraised and market value to help:
Assessed value
Assessed value is based on a calculation involving both the fair market value and the assessment rate percentage. Assessment rates vary from one county to the next and can change. To find the assessed value, you multiply the assessment rate percentage by the fair market value to find an estimation of what the property is worth.
Appraised value
Appraised value can be determined by an appraiser. A professional appraisal includes a careful visual inspection of your home to make sure it meets specific standards. You can use appraisal value when buying, selling or refinancing a home.
Fair market value
The fair market value of a property is based on a wide range of factors. Real estate agents can determine the fair market value by evaluating the size, location, condition and features of the home. It can also be affected by the value of similar properties in your area. Knowing the market value of your home is crucial in negotiating a fair buying or selling price.
If you're planning to buy or sell a home, it's important to understand how to find property value. Because they affect both purchase price and property taxes, these values can help you make more informed financial decisions.
About the Author
Daniel Martin
Membership:
National Association of REALTORS (NAR)
Connecticut Association of REALTORS (CAR)
Bridgeport Board of Realtors
Valley Board of Realtors
Greater Fairfield County CMLS
Connecticut CTMLS
Education:
Principals and Procedures of Real Estate
Naugatuck Valley Community College
Connecticut School of Electronics
Housatonic Community College
Achievements:
Connecticut Magazine 5 Star Realtor 2014-2023
Top Producer
Top Listing Agent
Top Selling Agent
Professional Specialty:
My experience and expertise in the home selling and buying process gives my clients an advantage in any real estate market.
*First Time Home Buyers
*Single Family Homes
*Multi-Family Homes
*Land
*New Construction
*New Residential Developments
*Condominiums
*Downsizing
*Rentals
Personal:
Lifelong Connecticut Resident
Married with 2 Children, 3 Grandchildren
Musician
Golf Enthusiast
Areas Covered:
I specialize in Fairfield and New Haven Counties. *Shelton *Trumbull *Stratford *Bridgeport *Fairfield *Milford *Danbury Beacon Falls *Brookfield *Naugatuck Valley It doesn't stop there - I can also refer to anywhere in the world! Niche Marketing My background in customer service and technology gives me a step ahead of the competition. I use every available Marketing Resource to make your home stand out.
