Appraised Value vs. Assessed Value

The price a property should bring in an open and competitive market under all conditions requisite to a fair sale, with buyer and seller acting prudently and without duress. It is the Fair Market Value of the property.

A percentage of the appraised value of a property. Assessed value is determined based on the classification of the property. The following are real property classifications with their corresponding assessment percentages:

Residential 19%

Commercial 32%

Example: A property with an appraised (market) value of $100,000 would have the following assessed values:

Residential $100,000 x .19 (19%) = $19,000 assessed value

Commercial $100,000 x .32 (32%) = $32,000 assessed value