What is the difference between sale price, appraisal and assessments?

Sale Price is the factual amount paid by a buyer for a property or group of properties.

Appraisal is a detailed single-property estimate of value, obtained for purposes such as a mortgage, determination to sell, home equity loan, or estate valuation.

Assessment is a mass appraisal of property as of January 1 of the year of reassessment (odd years for real estate assessments, annually for personal property assessments) and is for tax purposes. The process involves valuing a group of properties as of a given date, using standard methods, employing common data, and allowing for statistical testing.

Show All Answers

1. Why is our property being reassessed?
2. I have not done anything to my property, so why is the value changing?
3. What is market value?
4. When was the last reassessment?
5. What are the basic data collection procedures for reassessments?
6. What is the difference between sale price, appraisal and assessments?
7. How is the property value determined?
8. How does a property owner learn of their reassessment value?
9. What do I do after receiving my reassessment?
10. How does a property owner appeal reassessment value?
11. Can I research or view other property assessments?
12. What do I do if information on my real estate reassessment appears to be wrong?
13. Is it true that the Assessor reassesses to raise taxes?
14. How do my real estate and personal property assessments determine my tax bill?
15. How are parcels assessed if subdivided after Jan. 1 of each year?