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 ?
To some homeowners, it's become a question of whether Proposition 13 -- designed to curtail soaring property taxes by capping them at 1 percent of a home's assessed value -- has been effective when voters are being constantly asked to approve bonds that will raise their property taxes.
Assessed values have also experienced substantial increases due to both rising property value and new commercial and residential development, with assessed values posting a strong 17.
After comparing assessed value data with their market values, it was established that the average assessed property value in Riga was 17,100 lats (24,400 euros), while the average market value in 2009 was 20,100 lats.
The town was prepared for a reduction in assessment to the previously determined level of $19,000,000; however, the assessed value is approximately 50 per cent less than what was anticipated.
That's because they are once again being taxed on the assessed value instead of the market value.
The Michigan Tax Tribunal held in two cases that information relating to the effect of technological obsolescence on the market value of computer equipment justified a reduction in its assessed value (IBM Credit Corp.
The county then applied a 25% ratio to the fair market value of the property resulting in an assessed value of $538,128.
Cook County Assessor James Houlihan says his 2003 measure, which capped annual increases of taxable assessed value at 7 percent for many homeowners in the county, provided much-needed relief to residents on the South and Near West sides where waves of high-priced condominiums and townhouses have driven up the property values for longtime residents.
The $1 billion housing bond would cost property owners around $15 per $100,000 assessed value over 20 years, or roughly $44 annually for a house valued at $300,000.
State law requires New York City to tax property on a percentage of market value, known as the assessed value.
The positive offset is that any reduction in assessed value and commensurate decrease in taxes will establish a new and more favorable tax baseline, perhaps permanently.
Under Measure 50, if a property's market value sagged so severely that it dropped below the value it was assessed at by the county, the market value would in effect become the new assessed value and the taxes would drop.