Tax-Appraised Value

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Tax-Appraised Value

The value of a property as estimated by a person licensed to do so for tax purposes. The tax-appraised value may take into account the quality of the property, values of surrounding properties, and market conditions in the area. It is important for determining the property taxes for which the owner is liable. See also: Mill Rate.
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Sheperd introduced a resolution, passed unanimously by the Atlanta City Council, urging Fulton County tax officials to "take direct action to update tax appraised values." And shortly thereafter, the Fulton County Commission approved a similar measure, introduced by Commissioner Emma Darnell, encouraging the County Board of Assessors to "use innovative methods to assess property values for the 2009 digest, particularly in neighborhoods with high rates of foreclosure."
While Clayton, Fulton and DeKalb continued to show the biggest gap between current market value and tax appraised value, the suburban counties--Cobb and Gwinnett--also saw their overpayment risk climb as foreclosures in the second half of 2008 began to depress home prices.