assessment ratios

Assessment ratios are metrics used to evaluate a property's value for tax purposes. They compare the assessed value assigned by local authorities to the property's true market value. For example, if a property's assessed value is $50,000 and the market value is $100,000, the assessment ratio is 50%. This ratio helps determine how much property tax the owner will pay, as taxes are often calculated based on the assessed value rather than the full market value. Different regions may have varying assessment ratios depending on local regulations and policies.