wi tax

can some one please tell me the differance between assessed value and estamated fair market value

can some one please tell me the differance between assessed value The value you are being taxed on by the state

estimated fair market value Is the thought value of your home as to the use of comparable homes sold in your area

Q: What is assessed value?

A: The assessed value is what your taxing authority (your county, city or town) uses to determine how much tax is due. In some cases, the assessed value might be the same as market value, but typically it is a percentage, called the assessment ratio.

A fair market value is often an estimate of what a willing buyer would pay to a willing seller, both in a free market, for an asset or any piece of property. If such a transaction actually occurs, then the actual transaction price is usually the fair market value. Note that the opinion of people that are not interested in buying or selling an asset has little meaning, because they are not active in the market. Thus, “market value” (which is the same for everyone in the market) is not identical to the “intrinsic value” that different individuals may place on the same asset based on their own preferences and circumstances.