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Assessed Valuation
(redirected from Assessed Value)

   Also found in: Financial, Acronyms, Encyclopedia 0.01 sec.

The financial worth assigned to property by taxing authorities that is used as a basis or factor against which the tax rate is applied.

A prescribed amount of the value of each unit must be paid as taxes in the future. In most cases, the assessed value is not representative of the fair market value of the property.



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For this tax year, residential property has an average assessed value that is 65 percent of its market value.
In the base year, either 1994--the year the SOH program was commenced, or the year the owner first qualified for the homestead exemption, the assessed value will always equal the just value.
For example, in Palm Beach County, if a homesteaded property's market value remains higher than the assessed value, Property Appraiser Gary Nikolits is required to increase the assessed value.
 
 
 
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