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 ?
In total, the 957 homeowners to successfully appeal got their properties' assessed values reduced by an average of 8.
Although there are guidelines with regard to the determination of market value, due to latitude provided by New York State law, a property owner may find that the assessed values for county, town, and village might be different.
The law limits how much assessed values, and therefore taxes, can rise for homes and small residential properties in a given year.
The Baechtolds contended that applying a 25% ratio to the property resulted in an assessed value that was disparately high in comparison to that of their neighbors' assessed values.
Simple stated, tax revenues are derived by applying a tax rate to assessed values.
Maximum assessed values were first set in the 1997-98 tax year, and were the property's real market value for 1995-96, minus 10 percent.
Those numbers do not compare well with assessed values on the newest late-1980's prime, Class A properties that fall out closer to $11 and $12 a foot.
In the real estate boom that followed passage of the ballot measure and that lasted until about five years ago, market values soared far above assessed values and it was hard to imagine that market prices could plunge so severely they would drag down the assessed values.