The assessed value is an estimate of the real estate which is drawn upon as a calculation basis for certain fees and duties and is determined upon request by the tax office with a notification.
On the other hand, the market value describes the price that can usually be reached by selling real estate in commercial transactions. The market value is determined under consideration of location, equipment and condition of the property, whereby there are different calculation procedures.
Since the tax reform 2015, the market value also serves as assessment basis for the land transfer tax, for example in endowments and inheritances. Usually, the assessed value lies significantly above the market value.