Paying Property Taxes in Fort Myers? Learn the Difference Between Appraisals and Assessments

What’s the Difference Between Appraisal and Assessment?

An appraisal, conducted by a state certified appraiser like those at Regional Real Estate Appraisal Service, determines the property’s fair market value. This is the estimated price a willing buyer would pay to a willing seller in an arm’s length transaction. Appraisals are typically used for mortgages, refinancing, or selling a property.

A tax assessment, on the other hand, estimates the property’s taxable value. This value is used by your local government to determine how much property tax you owe. The assessment process often relies on:

• Public property records, including size, location, and features of the property.
• Recent sales data of similar properties in your area.
• Mass appraisal models that consider various factors to estimate value.

Why Does the Difference Matter?

The tax assessment is not always the same as the fair market value. Here’s why it’s important to understand the distinction:

• Market Fluctuations: The real estate market can fluctuate, meaning your property’s market value might be higher or lower than the assessed value.
• Assessment Accuracy: Mass appraisal models can sometimes miss recent improvements or unique features that could affect your property’s value.

How Can Regional Real Estate Appraisal Service Help?

If you believe your property’s assessment is inaccurate, you may have the right to appeal. A professional appraisal from Regional Real Estate Appraisal Service can provide strong evidence to support your appeal and potentially lower your property taxes.

Remember: Regional Real Estate Appraisal Service is here to be your trusted advisor in all things related to Fort Myers property valuation. Contact us today to discuss your appraisal needs and ensure you’re paying a fair share in property taxes.