Assessed Valuation


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Assessed Valuation

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.

References in periodicals archive ?
A unit's percentage of ownership in the common elements not only determines its share of the association expenses, it is part of the criteria used by the assessor to determine assessed valuation of units for purposes of real estate taxes.
In remanding the case to circuit court, the Court of Appeals cited section 4-403(b)(2) of the state's Local Government Article, which requires the approval of "the owners of at least 25 percent of the assessed valuation of the real property in the area to be annexed."
The series 2018 COs are payable from an annual property tax levy on all taxable property within the city, limited to $2.50 per $100 assessed valuation (AV).
House Bill 2242, which passed 67-26, is primarily funded through an 80-cent increase per $1,000 of assessed valuation in the state property tax.
Applications for Correction of Assessed Valuation for income producing properties are filed with the Tax Commission on or before March 1 each year with income and expense information reported on form TC 201.
Scope of quantity or scope: The scope can not be estimated accurately, but historical data assessed valuation allowance on this framework agreement to be approximately NOK 1 million.
The referee held Rose Township's 2011 sales comparables supported the assessed valuation of $ 140,000.
A mill is one-tenth of a cent and produces $1 of tax for each $1,000 of assessed valuation, which is 20 percent of appraised value.
If approved, the measure would increase property taxes by 88 cents per $1,000 of assessed valuation for the next 20 years, beginning in November.
Meanwhile, the federal government owns four properties in Worcester that have a total assessed valuation of $36.8 million, while the state owns 123 properties that have a total assessed valuation of nearly $1 billion.
When used as a property tax rate, each mill produces $1 of tax for each $1,000 of assessed valuation.
Val Kazia, the company president for Earthcom Service, said 'We are very pleased to have received this assessed valuation on our acquired licensing in the Dominican Republic.