Assessed value is the tax figure on the roll. Appraised value is a separate opinion written for a lender, a sale, or insurance, and the bill follows assessed.
Assessed value is the tax figure the county prints on the roll. Appraised value is a separate opinion, usually written for a lender, a sale, or an insurance file, about what the house is worth. The two numbers can sit far apart. The yearly bill follows the assessed figure, not the bank's appraisal.
Is assessed value the same as an appraisal?
No. The IAAO glossary treats appraised value as an estimate of the value of a property, and assessed value as the figure placed on property for taxation. A refinance appraisal is written for a loan. The roll is written for millage. A sale-day appraisal does not automatically rewrite the tax line.
Example: a lender's appraisal says $240,000 and the roll still says $200,000. Ten mills on the $200,000 assessed figure is a $2,000 tax. That pairing is an example, not a closing file from a named street.
Look up if you are overpaying.
Which value does a property tax bill use, assessed or appraised?
The bill uses assessed value, or a taxable slice of it. A bank appraisal is a different document with a different job. Older pages on market value versus assessed value stay on sale price versus the roll. This page stays on tax figure versus appraisal. Fair Appeal reviews the property and decides whether to file a property tax appeal. FairAppeal only collects a percentage of first-year tax savings if the tax actually drops.