Assessed Value

Assessed value is the dollar amount assigned to a property by a local government for taxation purposes. This value is determined based on various factors, including the property's size, location, and condition. It is often lower than the market value, which is what a buyer might pay for the property. The assessed value helps calculate property taxes that homeowners owe, contributing to funding for schools, roads, and public services. Periodically, local governments reassess properties to reflect changes in the market or the property's physical condition.