The assessment value of a home is based on the homeâ€s market value and is generally used to determine property taxes. The tax assessment value is usually estimated by a municipal property tax assessor and is based on market value. This may or may not be the same as your current market value depending on when it was assessed.
A tax assessment is based on factors such as:
Geographic location of the house
Lot size
Number of bedrooms
Number of bathrooms
Square footage of the dwelling
Age of the home
Exterior condition of the home
Added features such as a deck or garage