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What is the difference between an appraisal and an assessment?
Our house was appraised (at the cost of $500) at $184,000. A year later we received an assessment from the town we live in, saying our property was worth $110,000. The assessment was for them to raise our taxes.
Should we be glad our taxes are lower? or freaked out that our house is not worth what we thought?
1 Answer
- Rush is a bandLv 71 decade agoFavorite Answer
An appraisal is an estimate of fair market value. An assessment is only for taxation purposes and can often vary quite a bit (either intentionally or unintentionally) from the true market value.
I wouldn't stress out about it too much!
good luck!