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assessed value

   Also found in: Legal, Acronyms, Encyclopedia 0.01 sec.
Assessed Valuation
The value of a property as determined by an appraisal conducted by a municipality. The assessed valuation usually occurs every year when a municipality asks for appraisal to determine the liability for property taxes. If a property owner wishes to dispute the value of an appraisal, he/she may request a reassessment. The assessed valuation may take into account the quality of the property, values of surrounding properties, and market conditions in the area.

assessed value
The value of real property for the purposes of calculating property taxes and other similar charges such as school taxes and fire district dues;the tax appraiser will establish a fair market value for the property.The assessed value is then frequently calculated as a specific percentage of the appraised value. Oftentimes the percentage will vary depending on the use of the property and any applicable exemptions.In some states,for example,property is assessed at 20 percent of its fair market value.Persons residing on their property,and claiming a homestead exemption,may be entitled to an assessment of 10 percent of fair market value.


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For this tax year, residential property has an average assessed value that is 65 percent of its market value.
In the base year, either 1994--the year the SOH program was commenced, or the year the owner first qualified for the homestead exemption, the assessed value will always equal the just value.
For example, in Palm Beach County, if a homesteaded property's market value remains higher than the assessed value, Property Appraiser Gary Nikolits is required to increase the assessed value.
 
 
 
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