Land records · Parcel maps · October 5, 2026
Assessed Value vs Market Value: What Each Number Means
Assessed value is what the assessor uses for tax bills; market value is what a buyer might pay. Why they differ and how to check both against the parcel.
Assessed value vs market value confuses a lot of tax bills. Market value (sometimes labeled appraised or just value) is an estimate of what the property might sell for under normal conditions. Assessed value is the number the assessor multiplies by the tax rate (millage) after exemptions and any fractional assessment ratios your state uses. They are related, but they are not always equal.
Why the numbers differ
- Assessment ratio: Some states assess at a fraction of market value (for example, 80% or a classified rate for residential vs agricultural).
- Caps and phase-ins: Laws may limit how fast taxable value can rise year to year.
- Exemptions: Homestead and other exemptions reduce taxable assessed value without changing market value.
- Mass appraisal lag: Assessors value thousands of parcels with models; a fresh private appraisal or sale may disagree.
Where to see both on the parcel
Open your county’s assessor search or GIS viewer from our county GIS map directory. Parcel detail pages often list market/appraised value, assessed value, taxable value, and exemptions. Match the APN with what is an APN number so you are not reading a neighbor’s card.
When a gap supports an appeal
If assessed value implies a market value far above recent comparable sales, or the card describes the wrong house, you may have grounds to appeal. Follow how to appeal property taxes. A high asking price on Zillow is not the same as the assessor’s market value field—use recorded sales and the property record card.
Bill lookup steps remain in how to look up property taxes by address.
Assessed value vs market value FAQ
Why is my assessed value lower than Zillow’s estimate?
Assessed value follows local assessment law, ratios, and mass-appraisal models. Consumer estimates are not official assessments.
Which number is used to calculate the tax bill?
Taxable assessed value after exemptions, multiplied by local rates. Market value alone is not always the billing number.
If market value falls, does assessed value fall automatically?
Not always in the same year. Appeals or the next reassessment cycle may be required depending on local practice.
Where can I see both values?
On the assessor’s parcel detail page or tax bill breakdown. Confirm you are viewing the correct APN.