assessed value


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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.
References in periodicals archive ?
Property tax petitions, which generally decrease assessed value.
The recession depressed many properties' market values - about 23 percent of homes in the county - below the assessed value, and that knocked down taxes.
Only 14 percent of Lane County properties had a market value below the maximum assessed value as of Jan.
Tepe said an assessment of $15 per $100,000 assessed value would raise $27.
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.
Each property that changed ownership resulted in an average increase of $262,000 in assessed value.
So on those houses, the assessed value has increased by the amount allowed by law, and so have taxes.
Before Proposition 13 was overwhelmingly approved by voters in 1978, the average property tax rate in California was 3 percent of the assessed value, and there was no limit on annual increases, according to the Howard Jarvis Taxpayers Association, which backed the landmark measure.
Taxpayer concentration remains above average with the 10 largest taxpayers representing 37% of incremental assessed value.
For this tax year, residential property has an average assessed value that is 65 percent of its market value.
Lancaster property owners are already paying $28 a year per $100,000 assessed value on a 1999 Lancaster School District bond measure, which is scheduled to be paid off in 2024 but might be finished earlier because of rising property values.
Challenges to the 98/99 actual assessed value of $65.