What Is Appraised Value?

The estimated market value of a property as determined by the county assessor or an independent appraiser.

Detailed Explanation

Appraised value is the county's estimate of what your property is worth on the open market. In most states, the appraisal is performed by the county assessor's office using mass appraisal methods. In Texas, each county has a Central Appraisal District (CAD) that appraises every property annually. The term "appraised value" can be confusing because it is also used for private appraisals ordered by mortgage lenders or buyers. These are two very different things. A county appraisal is a mass estimate performed remotely using computer models, sales data, and property records. A private appraisal involves an appraiser physically visiting the property, inspecting its condition, and comparing it to recent sales individually. The county's appraised value may be higher or lower than what a private appraiser would conclude. If you believe the county's appraised value is too high, that is the basis for a property tax appeal. Many homeowners hire independent appraisers to get a professional opinion of their property's market value, then use that as evidence in their appeal. However, an independent appraisal is not required. Comparable sales data is usually sufficient.

How It Varies by State

TexasEquals market value

Central Appraisal Districts (CADs) appraise annually. Appraised value = assessed value in Texas. 10% annual cap on homesteaded property increases.

New YorkVaries by municipality

Some towns appraise at full market value; others use a fraction. The "level of assessment" varies by jurisdiction.

CaliforniaBase year value + max 2%/yr

Under Prop 13, the appraised value is set at purchase and grows slowly. The county does not reappraise to current market value unless the property is sold or new construction occurs.

FloridaJust Value (market value)

County property appraiser determines "just value" each year. Homesteaded properties benefit from a 3% annual cap on assessment increases.

Common Misconceptions

Myth:The county's appraised value is the same as a bank appraisal

Reality:County mass appraisals use statistical models for thousands of properties at once. Bank appraisals are individual inspections by licensed appraisers. The two numbers often differ significantly.

Myth:You need to hire an appraiser to appeal

Reality:While an independent appraisal can strengthen your case, most successful appeals rely on comparable sales evidence. You do not need to pay $300 to $500 for a private appraisal unless your case is complex.

Myth:If I improve my home, the county automatically knows

Reality:Counties rely on building permits and periodic reviews to detect improvements. Unpermitted work may not be reflected in the appraisal, and permitted work may be overvalued or added incorrectly.

Impact on Your Tax Bill

In Texas, if the CAD appraises your home at $450,000 but comparable sales suggest it is worth $400,000, you are overpaying on the full $50,000 difference. At a combined tax rate of 2.2%, that overappraisal costs $1,100 per year. Filing a protest to correct the value to $400,000 would save $1,100 annually.

How Property Tax Assessments Work: What Every Homeowner Should Know

How to Appeal Your Property Taxes: The Complete Guide (2026)

Learn how to appeal your property taxes step by step. Covers assessment ratios, comparable sales evidence, filing deadlines by state, and what to say at your hearing.

Relevant State Guides

TexasTX

100% assessment ratio

Check Your Property

See if your property is overassessed and get your personalized evidence packet.

✓ All 50 states✓ Instant results✓ $49 flat fee