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Assessed Value vs Market Value

 

Question: My friend told me that my home is only worth $330,000 based on the assessed value. Properties have been selling for a lot higher around here. She said her tax bill indicated this low value. Am I missing something?

 Answer: I’m sure your friend is a wonderful person and knowledgeable in many areas, but not in real estate.     A home's assessed value is set by the local government to calculate property taxes, while market value is the actual price the home would sell for on the open market. Assessed values often lag behind real-time market changes and are frequently lower than the actual market value.

 The main use is figuring out yearly property taxes. It’s set by local government tax assessors. They use mass formulas and historical sales data and often represents a fixed percentage of a home's value. Assessments are updated periodically (such as every year or a few years). Improvements you’ve made to your home, in between assessments, will certainly add to the assessed value.

 Market Values Main Use is for Buying, selling, or refinancing a home. It is set by Real estate buyers, sellers, and agents.

It is based on current buyer demand, local competition, the improvements to your specific home and recent sales of similar homes. If your home has market appeal, it will demand more value.

Market value changes constantly based on real-time market behavior.

Website: www.Cathyhiggins.com

 

Real estate Market update August 2026

 With fewer buyers out there, especially in Illinois, homes are not selling as quickly as they have the previous years.

Indiana homes are selling well, mainly the homes that are updated and look nice.

Price and Updating are the key factors.

More interesting factoids

 Going to the Grocery store? 

Take a pic of your refrigerator and pantry before you leave. This way you can actually see what you need, which means fewer trips back and forth.

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Candles will burn longer and drip less if they are placed in the freezer for a few hours before using.

Life Hacks

 The 8+8+8 Rule:

Break your day into 3 sections of eight.

8 hours for sleep. 8 Hours for hard work. 8 hours for yourself and your relationships.

Have a headache? Submerge your hands and feet in hot water, and put a zip lock bag full of ice on the back of your head. The heat on your extremities pulls the blood from your head, relieving your head pains.

Life tip: Stop trying to be the person your parents want you to be, and start being the person you would want your child to be.

New Listing in Lansing: Beautiful Home with Resort like back yard

1809-185th st, Lansing, Il

Take the video walk around by clicking the safe Link below:

https://youtu.be/CH4XvZDPoQI

New Listing in Hobart, take the video walk through tour

 $254,900.  2 Bedrooms. 2 Baths. Partially finished basement. 2000 sq ft of living space on all levels.

                                Click on the Link below:

  Take a video walk through of this charming home