Appraised value is an evaluation of a property’s value based on a given
point of time. It is the value that the interested buyers bank or mortgage company places on the property.
Assessed value determines the value of a residence for tax purposes and
takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes. Your assessed value will typically be less than the market value because they are only
looking at a certain amount to tax you on (typically 80 - 90% of what your market value would be).
Market value is the most probable price that property should bring in a
competitive and open market under all conditions requisite to a fair sale. In plain english it is the price that a buyer is willing to pay for a home, and a seller is willing to accept.
As home buyers/owners and sellers
it is important to know how these all fit into the value of your home. The lower end of the valuation should typically be the assessed value since it is only a percentage of what the home is worth. The appraised value may come in a little higher or lower than
the market value but the final say on the value of your home is almost always the market value. It will more than likely end up being your purchase/selling price at the end of the day. These numbers will all come together to give you a fair price and allow
you to feel comfortable in what you are selling/purchasing.