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What's the difference between an appraisal and an assessment?

An assessment is a valuation of a home mandated by the government for tax purposes and carried out by an assessor employed by the government whereas an appraisal is estimating the current market value of a home and is carried out by a certified appraiser hired privately.
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An assessment is a government mandated valuation of a home for tax purposes that takes place on a regularly scheduled interval. Assessment value is also known as tax value. There can be several years in between assessments. The goal of an appraisal is to estimate how much a house would currently sell for based on market data from the last six months. Appraisals are carried out by certified appraisers who closely examine market data, whereas assessors are government employees and not necessarily certified appraisers.

Answer: An appraisal is done to establish the CURRENT fair market value based on similar sales with similar ameneties, similar style / size home, similar lot size, and close proximity to your property. An appraisal is a service you pay for by a licensed appraiser, which is requested by your mortgage lender. An assessment is a valuation of what your property is worth that you pay your yearly property tax on. As a rule assessments/valuations are not updated as the market changes, they are set to a certain schedule determined by your tax assessor's office.
Real Living Kee Realty
Answer: An appraisal is the estimation of a home's market value by a licensed appraiser based on comparable recent sales of homes in the neighborhood. Assessments are conducted by a government employee who evaluates the value of the home to determine how much property tax the homeowner will pay.
Answer: This question is ambiguous.
Residential Appraisal Associates
Answer: An appraisal is an opinion of the property's market value. An assessment is a term used by real estate taxing authorities that use a dollar assessment as a basis to determine the real estate tax to be levied on a property. For example, if the county assessor estimates a property's market value at $300,000 and taxes are based on 10% of the value, then the assessed value or "assessment" is $30,000.
V.A. Solano & Associates, Inc.
Answer: An appraisal is a determination, by an appraiser, of market value. An assessment is generally intended to correlate to value (in New Jersey), and it may, or may not, be determined by an appraisal, prepared by an appraiser.
Todd G. LiPira, SCGREA
Answer: An appraisal as generally understood is a process a professional uses to determine the current market value of a property. In most cases is it based off current sales in the neighborhood market area of the property. As assessment as generally understood is used by the tax assessor to determine a how much taxes are owed on a property. An assessment uses mass appraisal methods which is comparing a group of properties and valuing them the same or very similar. As assessment many times do not take into consideration specific details about the property where an appraisal does.
Accurate Appraisals USA
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