What is assessed value in property tax determinations?

Assessed value in property tax determinations refers specifically to the value assigned by a tax assessor. This value is calculated to determine how much property tax an owner owes and may not reflect the current market value or selling price of the property. The tax assessor evaluates properties within their jurisdiction, taking into account property characteristics, local market trends, and applicable assessment regulations. This process ensures that properties are taxed fairly based on their assigned value rather than their fluctuating market prices or appraised values. Additionally, this assessment is often a percentage of the market value, which is determined to ensure consistent and equitable taxation within a given area.