What's the Difference Between a Property Value and a Market Value?

What’s the difference between your property value and the
market value of your home? I’ve got the answer today.





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I often get questions about how property value, which is based on
your tax assessment, fits in with the true market value of your
home. These values are two separate items that factor in for two
completely different purposes.

Under Colorado state law, properties need to be assessed for tax
purposes every two years. The property value that is assessed
is used strictly for tax purposes. When the assessors went out this
year to reassess properties, they were looking at comparable homes
that sold between the years of 2014 and 2016. We are more than a
year away from that data, and the market has continued to shift and
change. The market value of your home is based on what is currently
happening in your local market. 

“

The market value of your home is based on what is currently
happening in your local market.

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If you feel that your tax assessment is not accurate or is
too high, then you can appeal that assessment with the county
assessor’s office. They give you a 30-day window from the time
you received your assessment to appeal that number.

If you need help appealing your property tax assessment, or you’d
like to find out the true market value of your home, please give me
a call. I look forward to working with you.