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(USA) Why are home assessed values not the same as market values? (lemmy.dbzer0.com)

submitted 4 days ago by bonsai@lemmy.dbzer0.com to c/finance@beehaw.org

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I tried looking this up but didn't find a satisfying answer. When a home is assessed for its taxable value, why isn't the market value just used?

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[–] dandelion@lemmy.blahaj.zone 1 points 4 days ago* (last edited 4 days ago)

Probably because the assessed value is what you are taxed on, so it is usually lower and more conservative of an estimate because people with houses don't like taxes (and maybe have more political will than renters). You can google this stuff, what did you find? I found this article: https://www.forbes.com/advisor/mortgages/assessed-value-vs-market-value/