Premiere Plus Realty Co.
Jonathan Maines, Premiere Plus Realty Co.Phone: (239) 682-2019
Email: [email protected]

Understanding the assessed value of your home

by Jonathan Maines 04/09/2023

Whether you’re searching for your next home to purchase or considering selling your current property, your home’s assessed value is important to know through every stage of homeownership.


When tax assessed value matters & how to calculate it

The assessed value of your home is the estimate of your home’s worth in the current market, and this amount is what's used to determine your yearly property taxes. 


As a homeowner, knowing your assessed property value can help you budget your money more effectively for property taxes and understand if you have enough equity built up to borrow a home loan.


If you purchased your home years prior and are considering selling the property, the current value has most likely greatly increased, so knowing the assessed price of your home can help when deciding how much to list your home for. 


To calculate your home's assessed value, the market value of the home is multiplied by the decimal form of the assessment rate.  The formula for this is:

Assessed Value = Market Value x (Assessment Rate / 100)


Assessments versus appraisals

So, what’s the difference between assessment and an appraisal? The appraised value of your home is how much the property is worth on the market whereas the assessment is the number used by your local government to determine property taxes. 

During an appraisal, usually a state licensed appraiser is sent out by a mortgage lender to examine the property. During the examination they observe the foundation, structure, square footage, HVAC system and more. 

For assessments, your local government hires professional assessors to use data about the home, including previous years appraisals, to determine the worth of the property and how much taxes need to be paid on the property.  

The assessed value of your home is constantly changing due to market conditions. Staying up to date with this information can prepare you, regardless of what step you’re on in the journey of homeownership.



About the Author
Author

Jonathan Maines

After graduating from the University of Wisconsin- Eau Claire, Jon moved to Naples, Florida in 1989 where he took a job with the Naples Police Department. In 1991 Jon married his wife Kathy, also from Wisconsin, and had two children. During the next 19 years Jon continued to work for the Naples Police Department ultimately becoming a Lieutenant. During this time he and Kathy also became successful real estate investors. In June 2010 Jon retired from the Naples Police Department to focus his energies into being a successful Real Estate Professional. Jon believes that his faith, honesty, integrity, knowledge and hard work have been the key principals to his success in the Real Estate Business. If you are looking for an agent you can count on and trust to give you an honest perspective when looking to buy or sell your home, Jon is here to serve you. Call today for a free market analysis!