What the assessor says, Zillow says, Appraisers say, sellers say and opinions say all pale and fall short when the Market speaks....

No real relation between the two.

The approaches are not perfect. 

  Huge.

  Neither, unless you as a Buyer fail to understand that the property taxes may go way up after you purchase a homestead residential property.  

   Read up on the 1992 Florida Save our Homes Amendment (SOH) for the explanation.

If the market is constant there is no difference. If the home price is losing momentum the appraised value is higher. 

You are not done with your study for license yet?

Very little difference but that is my opinion.  And this goes back to the definition of each term.  Appraised value is not worth the paper it is written on.  It is for the benefit of the banks who are lending the funds. 

Market value is what the current owner and a buyer would agree upon.  

Size matters I have been told.

They better be the same. When a buyer purchases a house, he expects it to appraise (listing agents job).

I don't really know what "market" value is. There is a negotiated sale price for a house and an appraisal value for the house...hopefully those coincide.

This would be excellent if we could put an amount or percentage to your question although all variables are possible with a leaning toward the negative on the appraised value side.

Our appraisers are usually right on.

Agree with Fred Griffin  and what Nina Hollander said. A

It really depends on the market.  When we had a skyrocketing market, the appraisal would never be anywhere near the home's value... because it was usually 30k-50k (or more) over sale two months ago.  I set the ceiling for a particular tract one month and six months later it was now the floor of the prices by a considerable margin.  No way for an appraiser to keep up.

In today's market, appraisers are bringing them in 100% of the time and can usually justify going over the contracted price sometimes.

Study hard ... 

Appraisals tend to be at the contract price amount. That is all that is needed to get the loan done. Appraisals over the contract amount are few and do not affect the loan. Appraisals under the contract amount can be a problem. That problem manifests itself in the buyer thinking he/she over-offered and the loan being potentially undo-able. Further negations often ensue. The outcome could be a price reduction, the buyer contributing more funds to close a gap or a dead deal.

appraising is not an exact science.... there are too many variables....

When the market speaks, we pray that the appraiser listens!

Otherwise, it can be a rough road ahead!

It may be worthwhile to ask an appraiser at what size discrepancy to they stop calculating?

This year there have been NO lender issues caused by the appraisal.

However, it is fun to poke at Zevil, Tax assessor JMV and BofA evaluator.

Appraiser just valuates it at asking or just a little above.  Within 1000.00  usually.

Market value speaks! Appraised value sometimes derail deals!

Depends on how hard the appriaser wantas to work.

I see so often that they are the same again like 2007 and 2008

Depends on whether we are still in a frenzied sellers' market.

Most often teh appraisal comes right in at what the selling price is. It is rare to get a bad appraisal that is lower and just as rare an appraiser puts an actual value when the sale price is way below market value. 

Not much.

Had one appraiser tell me he clears the contract price but if he puts a number too much higher it raises eyebrows. So he just clears the hurdle to avoid the what's up or is someone missing something passed along under the real estate conference room table. So many of our sales are cash or land that is owner financed... no banks so no appraiser needed for any valuation. 

No idea.

Great answers. 

Not a huge amount lately