What is assessed value?

Assessed value refers specifically to the value assigned to a property by an assessor for property tax purposes. This value is typically determined through a systematic approach that incorporates various factors, including property characteristics, comparable sales, and market trends. The primary aim of the assessed value is to create a basis for the calculation of property taxes owed by the property owner, ensuring that the taxation process is equitable and reflects property values within the jurisdiction.

In contrast to other options, which might involve subjective evaluations or personal judgments made by property owners or private evaluators, the assessed value is grounded in a standardized assessment process executed by certified assessors. This process adheres to established methods and regulations designed to achieve fair taxation across the community.