What is an Appraised Value?

The appraised value of a property is the objective opinion of property value by a trained professional appraiser. The appraised value is not a constant number and fluctuates with market values. The appraised value is often confused with the assessed value which is used for tax purposes. Normally, assessed values do not fluctuate with market conditions. Assessed values can be used in conjunction with obtaining mortgages, insurance and replacement values.