What is an assessed value, appraised value, and what is a CMA?

(03.16.02) An assessed value is determined by the county government in order to calculate property taxes. The assessed value may change according to the changes in the size and condition of the property, and is reassessed every 2 years. An assessor's goal is to arrive within 10% of the market value of the property.
An appraised value refers to market value of a home according to historical data of comparable properties. When you apply for a mortgage loan on a property you are buying, the financial institution sends an appraiser to determine the value of the property in order to protect their investment. Appraisal fees are often times included in the closing cost from the financial institution.
CMA, or comparative market analysis, is research done by a REALTOR® to determine the value of a property based on historical and current data of comparable properties. This analysis uses comparable homes sold within the last 12 months, homes that are currently on the market as well as homes that have expired.
When you are prepared to market your home, the CMA is the preferred method and the best indicator of value because a CMA takes into consideration both market history and current competition.

Disclaimer: These answers are in general terms and may vary with specific factual circumstances.