The property value of a home is the amount of money a potential buyer will pay for the home at a specific point in time. Property value can go up or down based on a number of different factors. The home’s location and access to schools and businesses will play a part in calculating the value. The overall community and other homes in the area will also play a part in deciding the property value. If a nearby house is rundown or not well maintained, that will decrease the property value of nearby homes. A homeowner will pay taxes based on the established property value for the home they own. If a homeowner feels their home has decreased in value, they may ask for the local government to reassess the property value to save money on taxes.
