The value of a home can be described in so many ways.
"Appraised Value" - is the opinion of a qualified appraiser, based on the knowledge, experience, and analysis of the property being sold. The appraiser will take into consideration things like the value of other homes in the area, upgrades done to the property, and the current real estate market.
"Market Value Assessment" - is the value used by the municipality (urban and rural) to set property taxes. These appraisals may not take into consideration any individual or unique features to the home, such as recent upgrades. It looks mainly at data from past sales in the area, and the current real estate market status. These appraisals should be taken as an estimate, as each property is not actually viewed by the appraiser. Typically these estimates of value are out of date when assessed, given they are produced as of a set date.
"Fair Market Value" - is the value of the home in a market where supply and demand are balanced.
"Current Market Value" - is the value of a home in the market at the time of listing. This can reflect fair market value, or it can be inflated or deflated as a result of current market conditions that favor the buyer or the seller.
"Forced Sale Value" - is the value of your home if a lender was forced to sell it, such as in the situation where a mortgage was foreclosed and the lender needed to get rid of the property.
"Investment Value" - is the value of an investment property from the persepective of a specific investor, which is different from market value in that it is slanted towards the individual's objectives and unique investor circumstances that can affect return. Investment value is usually based on a rate of return desired by the investor.
*Taken from the AREA Update Jan/Feb 2010