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Assessed Valuation

   Also found in: Financial, 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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In many instances, homes have been selling for 10 percent to 20 percent below the city's current assessed valuation.
In 2007, the state law capped the amount that could be deducted at an assessed valuation of $65,000.
That measure also would have taxed property owners about $30 per $100,000 of assessed valuation annually.
 
 
 
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