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 ?
Still another approach would be to file a complaint with the county assessor to seek to have the unit assessed valuations based on the sales process, and not percentage of ownership.
Meanwhile, Asian stocks were mixed as investors assessed valuations after declines over the past three weeks.
The Court of Appeals of Michigan found the assessed valuations were based on competent, substantial, and material evidence and affirmed findings for both properties.
Based upon those assessed valuations and the terms of PILOT agreements the city has with other colleges, those valuations would yield a PILOT payment value of $2.1 million, using the city's single tax rate of $22.75, according to Mr.
2 column pointed out that assessed valuations on real estate didn't drop dramatically during this past recession.
Many states apply equalization rates to the assessors' estimates of market value to derive the assessed valuations. Learn about the equalization procedure and how it affects the real estate you pay property taxes on.
Also, the benefit period outside of Manhattan is 15 years, adding further value to "2007 certificates." Finally, assessed valuations of market-rate projects built outside of Manhattan may well not exceed an average of $65,000 per unit.
It is extremely difficult to analyze and evaluate real estate assessments unless you know both the factual basis and valuation methodology being employed to establish the annual assessed valuations. Assuming some type of record exists within the assessor's office, personal contact should be made or a local tax specialist should be retained for assistance in obtaining written copies of all documentation contained in the assessment authorities' records concerning your real estate.
Assessed valuations for property-tax purposes were climbing along with prices.
Three-family homes, which have had a significant drop-off in their assessed valuations since 2008, had the smallest decrease at less than 1 percent.
Applications can be filed with the independent Tax Commission for a review of the tentative assessed valuations. Tax Classes Two, Three and Four have until March 1st to file the application, while the residential tax Class One has until March 15th.
WORCESTER - A little more than half of the abatement applications acted on by the assessor's office through July 5 have been approved, thus lowering the assessed valuations and annual tax bills for those property owners.