Nova Scotia Real Estate Practice Exam 2025 - Free Real Estate License Practice Questions and Study Guide

Assessed value refers specifically to the value assigned to a property by a governmental assessor for the purpose of determining property taxes. This value is typically calculated based on various factors, including the property's characteristics, location, and comparable properties in the area. The amount of tax a property owner owes to the local government is based on this assessed value, making it a critical figure in property taxation.

In contrast, the market value set by the owner represents what they believe the property is worth in the current market, which may not necessarily align with the assessed value. Average sale prices of similar properties provide insight into market trends but are not the official assessment used for tax calculations. The listed value that buyers see in real estate listings can fluctuate based on market conditions and pricing strategies used by sellers, again differing from the official assessed value used for taxation purposes.