While tax assessments and appraisals are related, they are not always close in value. Tax assessments are typically conducted by local government assessors and are used to determine the value of a property for taxation purposes. Appraisals, on the other hand, are usually conducted by licensed appraisers hired by buyers or lenders and are designed to determine the fair market value of a property for sale or financing purposes. While both assessments and appraisals aim to estimate property values, they often use different methodologies and criteria. Therefore, it is not uncommon for there to be discrepancies between tax assessments and appraised values.