Municipal value is based off a general conciseness of similar properties in your area, while your home's value is based off a Comparable Market Analysis (CMA), which includes special features your property might include. This means in most cases the general representation of your municipal value will be lower than the value you could sell your home for.
- Example: Let's say you bought a home for $300,000 and the Municipal value is $270,000. So why is it less, did i pay too much?? Maybe your home has a view of the river and an expensive Japanese water feature built into the walls, while other homes in the same area are facing a highway and next to a noisy commercial warehouse.
An assessor does not know about these unique aspects of your property which means it cannot be included as part of your individual assessment.