Market Value vs. Assessed Value – Don’t Overpay on Property Taxes!

Market Value vs. Assessed Value – Don’t Overpay on Property Taxes!

If you’ve recently received an updated assessed value for your home and it seems high, you’re not alone! Many homeowners are experiencing the same thing, and property taxes are a hot topic in Tulsa right now. So, what can you do about it? Let’s break it down!

Assessed Value vs. Market Value – What’s the Difference?

One of the most common questions we get is: Why does my assessed value seem so different from what I could actually sell my home for? The answer lies in the difference between assessed value and market value.

🛑 Assessed Value:

• This is the value assigned to your home by the county for tax purposes.

• It’s based on property values over the past three years and calculated using an assessed rate (also called a millage rate).

• In Tulsa County, homeowners are seeing higher assessed values, which means higher property taxes.

• The good news? You can contest your assessed value if you believe it’s too high!

💰 Market Value:

• This is the price your home would likely sell for in today’s real estate market.

• Sometimes called fair market value, it reflects what buyers are willing to pay and sellers are willing to accept.

• Factors that impact market value include:

  • Your home’s size, condition, and location.

  • Comparable home sales in your neighborhood.

  • Economic influences like interest rates and housing supply/demand.

Are Your Property Taxes Too High? Here’s How We Can Help!

If your assessed value seems inflated, you might be overpaying in property taxes. We can provide a free market analysis to help you contest your assessment and ensure you’re only paying what’s fair.

Thinking About Selling? Now’s the Time!

With spring right around the corner, now is the perfect time to start planning if you’re thinking about selling your home. Home values have appreciated significantly over the past few years, making it a great time to capitalize on the market.

We’re Here to Help!

Whether you’re looking to contest your tax assessment, sell your home, or just understand its value, we’re here to be your trusted real estate resource in Tulsa.

📌 Get your free market analysis today! Reach out to The Wolek Group and let’s chat about your home’s value and your best next steps.

Stay informed and stay ahead—contact The Wolek Group today!