The base definition of property value is what someone is willing to pay for a property and the amount the seller is willing to accept. This meeting of the minds establishes the property's value in a given market at a given time.

What is Property Value Meaning?

A property valuation is an assessment of your property's value, based on the location, condition and multiple other factors. ... You could use this when you price your property to put it on the market, if you are separating from a partner who owns part of your property, or when dealing with probate.

Who tells you the value of your house?

An assessor finds the assessed value of a home based on the market value, the appraised value, or a uniform percentage of the two. Municipalities and counties employ an assessor to determine the assessed value of the homes in their jurisdictions.