Assessed value
The value a local tax assessor assigns to a property to calculate property taxes. It often differs from market value and is not a reliable guide to price.
Also called: tax assessed value, assessment value, tax value
Related terms
A yearly tax set by local governments based on a property's assessed value. Lenders usually collect it monthly through escrow, and rates vary widely by location.
The price a home would likely sell for between a willing buyer and seller, both informed and not under pressure. Appraisals and CMAs both try to estimate it.
A program that lowers property taxes, and sometimes protects equity from creditors, on a primary residence. You often must apply, and rules vary by state.
The value the appraiser puts on the home in the report. Lenders base the loan on the lower of this number and the purchase price.