What is the difference between assessed value and fair market value? I have noticed that most homes in Overland Park have been selling above the assessed value.

Real Estate Assessed Value VS Fair Market Value

Question: What is the difference between assessed value and fair market value? I have noticed that most homes in Overland Park have been selling above the assessed value.
Janet L. from Overland Park, Kansas


Answer: The assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. The assessed value is NOT the actual value of the home and is some cases may be far from the actual value. The Fair Market Value of a home on the other hand is the agreed upon sales price between a willing and informed buyer and seller under USUAL and ordinary circumstances. That doesn't mean a distressed home or a seller selling a home to a relative at a reduced price is the Fair Market Value. The Fair Market Value is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use.




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