What Is the Difference Between Assessed Value and Market Value in Brookhaven?

Introduction

One of the most common questions from Brookhaven homeowners is whether their assessed value should match their home's market value. Although the two numbers are related, they serve different purposes.

Assessed Value

The assessed value is the value used by the local assessment system as part of the property tax process. It is maintained by the local assessment office and appears in public assessment records.

Market Value

Market value generally refers to the price a buyer may be willing to pay for a property under current market conditions. Market value can change based on local housing demand, interest rates, neighborhood trends, and other market factors.

Because they measure different things, assessed value and market value are not necessarily the same.

Conclusion

Understanding the difference between assessed value and market value helps homeowners better interpret property records and annual assessment information.

AIDOTAX helps Brookhaven homeowners better understand public assessment records and property tax information before beginning an assessment review.