Assessment Terms to Know: Understanding Property Valuation
Understanding property assessment terms is crucial in determining your tax liability. This guide breaks down the differences between Market Value, Appraised Value, True Value, and Assessed Value to help you make informed decisions.
Understanding Property Assessment Terms
Property tax assessment involves different terms that might seem confusing. Below are key terms you should know, explained in a simple and clear way.
Market Value
The projected value your home could command in today’s market.
True Value
In Mississippi, the true value of your property is typically around 80% of its market value. In Union County, many homes have an even wider gap between their market value and assessed true valu
Appraised Value
A detailed and accurate valuation, done by a state-certified appraiser, finely tuned to mirror the current market value with precision.
Assessed Value
The taxable value, derived from your true value which varies based on your eligibility. The assessed value is critical to calculate your property tax.
Your property tax is determined based on your home’s assessed value, which varies depending on your
the type of Homestead you qualify for.
How your eligibility for Homestead Exemption affects your assessed property values.
01
Non-Homestead (15%)
If you don’t live in the home full-time or there is Business activity, your assessed value is 15% of True Value.
02
Homestead (10%)
Primary residents get a lower rate—only 10% of True Value.
03
Homestead 65+ (-$7,500 deduction)
If you are over 65 your assessed value is 10% of True Value minus an additional $7,500.
04
Disabled (Tax Exemption)
Certain qualifying disabilities result in
$0 assessed value