Assessed Value
While based upon historical sales data, it does not always represent current market data. Assessments are meant to fairly assess taxes in an equitable manner amongst all property owners. Assessments are not always up to date. Towns periodically undertake re-evaluations to update their assessed market valuations for all property.  Condition, updates and ammenities (ie: garages, sheds, additions, etc.) are a factor in the assessed value.  If a property has not sold in many, many years, the town may not have "caught up" with its actual assessed value. Assessments are not a reliable comparison as to what “Fair Market Value” is or should be.  Assessments determine how much you will pay in property taxes.

Appraised Value
The appraised value is typically based upon historical sales data and may or may not agree with current market value.  Appraisers protect the interest of the lender and are more conservative in the value they place on a property.

Market Value
Market value is created by the Buyer and Seller.  It is what a ready, willing, and able Buyer pays to a ready, willing and able Seller. It is a negotiated value which changes relative to market conditions and supply & demand of homes.  A home is worth what a Buyer is willing to pay and a Seller is willing to sell it for.  For example, just because you love your in-ground pool doesn’t mean the new homeowners will, they may be thinking of the cost to fill it in.  Brand new carpets don’t add value if the new owner wants to put in hardwood floors.