Definition
The value assigned to property by tax assessor for property tax calculation purposes.
Not sure where this fits?
Answer a few questions and we’ll open the path that fits, at the right step.
Find my pathAbout this term
Assessed value may differ significantly from market value. Basis for property tax calculation. Can be appealed if significantly overvalued.
Pro Tip
Request copy of assessed value; if significantly higher than market value, file tax appeal.
Example
Property assessed at $350,000 for tax purposes even though market value is $400,000.