Real Estate Terminology

Anyone who has ever participated in the purchase or sale of real estate has heard terms like “assessed value,” “market value” and “appraised value.” To their surprise, none of these numbers corresponded with the others. The reason for these discrepancies springs from how each of these values is determined and the reasons for which they are used. Understanding these terms can make anyone more knowledgeable about the intricacies of real estate transactions and property taxes.

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