What is the difference between sales price and assessed value?

assessed price sales value
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What is the difference between sales price and assessed value?

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A. The selling price of a home is the value placed on it based upon other home sales in the area, condition of the property, and other factors. The assessed value of a home is estimation used by the city to determine your property taxes. An assessed value has no bearing on the market value or sales price of a property, however they are often very close in valuation.

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