The direct answer
Market value, appraised value and assessed value are not interchangeable. Market value is a defined value concept tied to specified market conditions; appraised value is the value opinion produced in an appraisal assignment; assessed value is a figure used by a taxing authority under its assessment system and may follow different rules, dates or ratios.
Read the value definition
A valuation should identify the definition of value being applied. A market-value opinion is meaningful only in relation to its stated assumptions, property rights and effective date.
To apply the approach to an editable scenario, use the Property Value Calculator. For the neighboring question, explore Commercial Property Valuation Calculator.
Treat appraised value as an assignment result
Appraised value describes the conclusion of a particular appraisal. It may be a market-value opinion, but the label alone does not tell you the definition, date or scope; read the report.
Keep tax assessment separate
Local assessment systems can use statutory valuation dates, assessment ratios, exemptions or reassessment rules. An assessed value therefore should not be assumed to equal current market value or a lender appraisal.
Worked example
A home can have a $420,000 tax assessment and a $500,000 appraisal without either figure being mathematically wrong. The values may reflect different dates, definitions, assessment rules and purposes.
Common mistakes and limitations
Do not use assessed value as a universal shortcut for current market value. Verify the jurisdiction’s assessment methodology and the appraisal’s stated value definition.
User-entered comparable estimate only; not an appraisal, AVM or live-market valuation.
Frequently asked questions
Is assessed value the same as market value?
Not necessarily. Assessment systems are jurisdiction-specific and can use different rules or valuation dates.
Can appraised value change over time?
Yes. A value opinion is tied to an effective date and market evidence, so a later appraisal can differ.
Sources and further reading
The article’s examples are illustrative arithmetic. The references below provide context for operating, valuation or transaction concepts; they do not endorse the assumptions or the calculator.
- IRS — Instructions for Form 709 (2025) — real property valuationComparable-sales concept and adjusting for differences in date, size, condition and location.
- IRS — Publication 551 (12/2025), Basis of AssetsFair-market-value concept and use of similar-property sales as evidence.
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