Assessment and Valuation

Assessment and valuation in property tax law refer to the process of determining the value of a property for taxation purposes. Local governments assess properties to establish their market value, which affects how much property tax owners have to pay. This process considers factors like the property’s location, size, condition, and recent sales of similar properties. Accurate assessments ensure that property taxes are fair and reflective of current market conditions, providing essential revenue for public services like schools, roads, and emergency services. Property owners can often appeal assessments if they believe their property has been overvalued.