Please see below the difference in values: Assessed Value: The value the assessor places on a property to reach a property tax assessment. Each county is different and the assessed value in most cases has no relation to its market value. Market or Cash Value: An arbitrary value some county officials place on the property on the open market. Each county is different and the assessed value in most cases has no relation to its market value. Land Value: The land value the assessor places on a property to reach a property tax assessment for the land portion of the property only. Each county is different and the assessed value in most cases has no relation to its market value. Improvement Value: This value the assessor places on a property to reach a property tax assessment for the improvement portion of the property only (the structures, the streets, and the sewer connections for example contribute to the improved value). Each county is different and the assessed value in most cases has no relation to its market value.