What’s the difference between the assessed and appraised value of a property?
State law requires that all real estate is assessed at full market value, and all properties are re-appraised at least every three years. Generally, professionals are employed to make these appraisals, basing assessments on actual sales 2-years preceding to establish values as of January 1 of the re-appraisal year. The assessed value of a property is used to determine town taxes. The appraised value of a property is the current market value of the property as determined by a professional appraiser and reflects sales prices of comparable properties within the prior six-month period.