What is the difference between assessed value and market value?

The assessed value and market value serve different purposes in the context of property taxation and valuation. Market value is the price that a property would likely fetch in an open and competitive real estate market. It reflects what buyers are willing to pay at a given time, taking into account factors such as location, condition, and recent sales of comparable properties. Market value can fluctuate based on various market dynamics, such as economic conditions, supply and demand, and local development trends. On the other hand, assessed value is determined by the local tax authority, such as the Cook County Assessor's Office, for the purpose of calculating property taxes. The assessed value often represents a percentage of the market value, based on predetermined assessment ratios that the assessors set. This value may not change as frequently as market value, as assessments typically take place on a cyclical basis, such as every few years. Understanding the difference between these two values is crucial for property owners, especially when appealing assessments or considering real estate transactions. For specific details or assistance, individuals may wish to refer to the Cook County Assessor's Office website for additional resources and contact information.