Accountability mandates often prompt assessment of student learning gains (e.g., value-added estimates) via achievement tests. The validity of these estimates have been questioned when performance on tests is low stakes for students. To assess the effects of motivation on value-added estimates, we assigned students to one of three test consequence conditions: (a) an aggregate of test scores is used solely for institutional effectiveness purposes, (b) personal test score is reported to the student, or (c) personal test score is reported to faculty. Value-added estimates, operationalized as change in performance between two testing occasions for the same individuals where educational programming was experienced between testing occasions, were examined across conditions, in addition to the effects of test-taking motivation. Test consequences did not impact value-added estimates. Change in test-taking motivation, however, had a substantial effect on value-added estimates. In short, value-added estimates were attenuated due to decreased motivation from pretest to posttest.