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 ?
Some of the new McMansions that have been built could account for a lot of that," Cowles said of the average reduction, which amounted to an average $29,000 in assessed value reductions.
Now, according to the Lane County Department of Assessment and Taxation, 22 percent of properties in Lane County have market values that are below the assessed values - and the great majority of these owners will see their taxes drop this fall.
Even though sale prices and market values of homes continue to drop, most residential properties still have an assessed value lower than their real market value and will therefore continue to see the statutory 3 percent increase in assessed value, the department said.
Tepe said an assessment of $15 per $100,000 assessed value would raise $27.
Lane County Assessor Annette Spickard says residential properties' average assessed values are about 60 percent of their real market values.
Each property that changed ownership resulted in an average increase of $262,000 in assessed value.
On average, the assessed value is only about 60 percent of the real market value, Spickard said.
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.
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.
That's mostly because property tax limitation measures passed statewide by voters in the 1990s continue to keep the assessed value - the figure used to calculate the property tax amount - lower than what the property would fetch if sold on the open market.
Challenges to the 98/99 actual assessed value of $65.