property assessment systems

Property assessment systems determine the value of a property for taxation purposes. Assessed values are based on factors like market value, property size, use, and condition, often determined through inspections and data analysis. These assessments ensure that property taxes reflect the property's worth, providing equitable funding for local services. The assessed value may be updated periodically to account for market changes, and property owners typically receive notices informing them of their property's assessed value. This system helps local governments generate revenue fairly and maintain community services such as schools, roads, and public safety.