New assessments are out in the Madison area, and they're either in your mailbox now or they will be soon. Let's talk about the difference between a local assessment and an appraisal, and what an appraisal is. 

So in a local assessment, what's happening is that the city is hiring an assessor to take into account a couple of different things for tax purposes. 

They’re going to use market analysis and prior years' data. The assessment also takes in the findings of the neighborhood. Then, they have to put a value on the house so that the local municipality can tax you.

Right now, the appraisal is very different. The appraisal is a bank that is looking to find the worth of the asset; they're actually looking at the current market and how it stands within the last four to six months.

 They're not talking about multiple years' worth of data; they're not doing anything like that, and they're not putting taxation on it. They're just putting a value on their asset.

 I hope this helps. Until next time, I’m Mark Gladue and I’m glad you stopped by!

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