An Explanation Of Boston MA Appraised And Assessed Home Values

Appraised and assessed home values are regularly confused with one another. As a home buyer and home seller, it is helpful to remember the difference between the two. An explanation of Boston MA appraised and assessed home values can be found in this article.

Definition Of Assessed Home Values

Localities impose a property tax on residential real estate. The sum is determined by the tax rate times the assessed value of a piece of property. Assessments are created strictly for calculating taxes and do not actually match the market price. Each locality accounts for assessed value based on different criteria. They commonly look at the amount of land, interior living space, and exterior features such as garages. Municipalities can re-assess property values and/or change the tax calculation yearly.

Definition Of Appraised Home Values

Appraisals are an estimation of the current price of a property by an authorized individual implementing specific methodologies. Banks employ appraisers to validate that the value of a home matches the dollar value they are loaning out. It is a means of evaluating their investment since they hold a large portion of the risk until you lower the balance of your loan. Appraisers normally evaluate at least three comparable homes that recently sold in the same city. Since the real estate market can adjust very quickly, analyzing recent sales is very important for a proper appraisal.

An Explanation Of Boston MA Appraised And Assessed Home Values

The actual price of a listing is defined by what a home buyer is willing to pay, which can go up and down constantly depending on circumstances such as the economy. Consumers must use caution when associating assessed figures with the market price of a home because they do not fluctuate the same. Some towns do not often modify assessments and increase tax percentages instead. Only an appraisal will provide a reliable indication of current market value. This blog regarding an explanation of Boston MA appraised and assessed home values was prepared by Scott Beard at Bean Group. For more resources on this and other related topics, contact Scott at 617-651-0081 or scott.beard@beangroup.com.

About Scott Beard

Finding the right Realtor can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience. That’s why choosing the right Agent to begin with is key. I have helped hundreds upon hundreds of clients during my career and sold over $55 million in properties and look forward to putting my experience to work for you.
Contact me at any time. I look forward to hearing from you.

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