What is the difference between assessed value and market value?

The assessed value is a percentage of the appraised market value and is used as the basis for determining the property taxes. Market value is the typical price that a willing buyer would pay a willing seller if the property were offered on the open market, and buyer and seller are not related in any way or under any pressure to buy or sell.

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1. What is a Revaluation?
2. Why a Revaluation?
3. What are the benefits of a Revaluation to me as a property tax payer?
4. How are the values established?
5. Why an inspection of properties?
6. What can I expect during a visit by an inspector?
7. How long will an inspection take?
8. Will I be assessed more for my decorating and/or landscaping?
9. What if I am not home?
10. Can I refuse entry to the field inspector?
11. When will your inspectors be in my neighborhood?
12. Can I schedule an appointment in advance?
13. My property has unique conditions which affect its value. What should I do?
14. If the assessed value of my property increases because of the re-valuation, will my taxes automatically increase?
15. Why do some homeowners pay more taxes after a revaluation and some pay less?
16. When will I be notified of my new assessment?
17. What are my neighbors' assessed values?
18. Who can I talk to about my value?
19. When will I find out the results from my informal hearing?
20. Is there an official appeal process if I still disagree with my value?
21. Can I have a copy of my appraisal?
22. What is the difference between assessed value and market value?