So let’s first start by tackling market value. The market value of a home is how much a ready, willing, and able buyer is willing to pay for the home.
The appraised value of a home is the value determined by an appraiser. If you are a buyer financing the purchase of a home, your lender may require the property to be appraised by an appraiser. The appraiser works for the lender and his job is to determine if the value of the home is equal to or greater than the amount that you are financing.
The tax appraised / assessed value of Spring Texas homes are determined by either the Harris County Appraisal District or the Montgomery County Appraisal District dependent upon which county the home is located in. It is the county’s calculated market value of the property as of January 1st of the tax year. The majority of the time, the tax appraised value will be lower than the market value of the home.
If you are a buyer, the values you need to focus on are the market value and the appraised value. If the tax appraised value is higher than what you paid for the home, you need to protest it with the county appraisal district. If the tax appraised value is lower than what you paid for the home, keep that little secret to yourself and just enjoy the lower tax bill.
If you are a Spring Texas home seller wanting to estimate how much your home will sell for, then market value is what you want to focus on. Your Spring Texas Realtor can compare what similar homes to yours have sold for within the last six months and provide you with an estimated sales price.
If you are interested in learning about ways to reduce your real estate taxes, read the following:
If you have questions about the different values or want to know the market value of your home, please contact Jill Wente at 281.804.8626.
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less