Assessed valuation

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Assessed valuation

The value assigned to property by a municipality for the purpose of tax assessment. Such an assessed valuation is important to investors in municipal bonds that are backed by property taxes.

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.

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Utility property increased to 25 percent of the tax base in the 1990s, but recent legislative changes have reduced the taxable value. As shown in Table 3, all other property, which includes business equipment, has fallen in absolute value and as a proportion of the tax base.

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Table 1 Taxable Values, Mill Rates, and Taxes Levied Statewide Taxable Value Mill Rate Taxes Fiscal Year ($ Millions) (Average) Levied 1987 2,308 242 559 1988 2,001 265 531 1989 1,943 256 498 1990 1,907 281 535 1991 1,573 327 514 1992 1,595 338 539 1993 1,633 344 561 1994 1,732 353 628 Change: '87 -576 120 69 to '94 Source: Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT.

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