The value of a home can vary completely depending on the basis of the estimate, with the most common ones being market value and appraised value.

Market value is the current purchase price that a homebuyer is willing to pay for a home and is determined by an appraiser.

The appraiser is usually hired by the lender when they are evaluating how much to lend, or when you are making a public offer.

On the other hand, the appraised value depends on the market value.

In many parts of the United States, it is usually a percentage of the market value. Therefore, the appraised value is lower than the market value.

The most controversial aspect of market value is whether it is based on what the buyer is willing to pay, or what you think the buyer should pay?

The key basis for an appraiser to accurately estimate market value is the recent sales price of similar properties.

The cost of hiring an appraiser is roughly three to four hundred dollars.

The appraiser will typically look at the last six months of sales information for adjacent homes, including size type, age, number of bedrooms, etc., and consider the major factors that led to the different valuations.

Market value is the basis for assessing the appraised value of a home, but since the appraised value is used to calculate how much you owe in property taxes, it is closely tied to the laws where you live.

The appraised value will be determined by the legal framework of each jurisdiction.

Many states set limits on value, thus setting the market value of the property, but then there will be laws that allow for the calculation of the assessed value, which is very localized.

Whether the owner disagrees with the market value or appraised value of the property, there are ways to deal with it.

Depending on the market value, a second appraisal may be required.

If items are missed, the appraiser may be willing to reappraise the property at no additional charge.

Given the appraised value, many appraiser's offices publish contact information and occasionally openly discuss individual issues of property appraisal.

Before you request a reappraisal, it is a good idea to visit the website of your local appraisal office for information.