An assessment and an appraisal are both valuations of properties, but they are not the same.
An assessment is the value that a home is taxed on. It's set by the assessor's office.
An appraisal is an opinion of what the property should sell for, given by an appraiser. That is someone paid to analyze property values based on features of the property and comparable sales in the area.
Many times in Syracuse Real Estate ads you will see "Priced Under Assessment". That doesn't mean it's a bargain, it just means that it is over assessed.
Similarly, sometimes people are alarmed that they may be paying more for a house than it is assessed at. That doesn't mean the house is not worth the asking price. It means it probably hasn't been assessed for a while. What you have to watch out for here is that the assessor may re-assess your house and your taxes will go up.
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