Real Estate 101: Market value vs. Appraised value vs. Assessed value

FALLBROOK – Ah, real estate… you and your confusing terminologies again. But don’t fret – we’re always here to help and in a few, we are dropping some new real estate knowledge for you.

It is essential to understand the difference between market value, appraised value, and assessed value in real estate. They serve different purposes in various situations.

Market value

This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party be...