Home → Protests → Appraisal Terminology → What’s the difference between market, appraised, assessed, and taxable value?
The whole concept of market value vs appraised vs assessed vs taxable value is pretty confusing! Let’s work through it.
**Market value** is the value at which a property will sell for on an open market. There are caveats to that definition, but that's the basic, easy to understand version.
**Appraised** value almost always equals market value, unless special or agriculture valuation is involved.
**Assessed** value is the appraised value minus any homestead cap reductions.
**Taxable** value is the amount you pay taxes on. Taxable value is assessed value minus any exemptions applied to your property.