Definition of Assessment:
The value assigned to a seller’s home is governed by the Orange County Tax Assessor’s Office who determines their property tax payments. This assessment is based on a comparison of the prices of similar homes that recently sold in local community. In Orange County these assessments are usually completed every 1 ½ to 2 years are easy available via the Orange County Tax Assessor’s office. Here is the link: O.C. Tax Assessor: just type in the property address. The Assessor will always reassess the property when a home is sold, and will send the homeowner a Supplemental Assessment Notice is Sent When Property is Reassessed.
An assessment is different than an appraisal. Assessments are only used to calculate property tax payments. Appraisals determine the market value of your home to evaluate a loan application.
Home Assessment Information on BanCorp:
BanCorp Real Estate Group shows you the tax assessed value of all Orange County CA homes for sale on every home detail page under the home list of upgrades.