Assessed value and market value are both terms used in real estate and property valuation, but they refer to different concepts and are calculated through different methods.
Assessed value is the value assigned to a property by local government assessors for the purpose of calculating property taxes. Assessors consider various factors, including the property's size, location, age, and condition. This value is used to determine your property tax bill, which funds essential community services like the fire department, schools, and public infrastructure. The amount residents pay to Redmond Fire & Rescue through property tax levies is calculated using assessed value.
Market value, on the other hand, is the price a willing buyer and seller would agree upon in an open and competitive real estate market. It's influenced by factors like current market trends, demand, supply, and the property's features.