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 ?
However, in 2016 HPD began denying benefits to buildings with average assessed values of more than $40,000 per unit, a price point that would impact thousands of pre-1973 buildings that have been rent stabilized through the J-51 program for decades.
* Property tax petitions, which generally decrease assessed value. (Homeowners typically petition the jurisdiction for a reduction in assessed value.)
Exhibit I: Estimated and Assessed Value of Taxable Real Property Estimated Actual Value Net Assessed Value Fiscal Year 1995 7,593,398 885,899 1996 8,132,351 948,777 1997 8,233,296 960,554 1998 8,684,889 977,783 1999 9,941,294 1,013,240 2000 10,406,525 1,159,821 2001 10,557,947 1,241,098 2002 10,703,481 1,231,764 2003 10,703,481 1,248,743 2004 12,199,345 1,423,261 2005 12,794,634 1,492,750 2006 9,459,193 1,103,604 2007 11,674,784 1,362,097 2008 17,182,001 2,004,624 Note: Table made from bar graph.
They believe that the lagged relationship stems from the response between changes in market value and changes in assessed value and from adjustments in rates applied to the assessed value.
Meanwhile, if the assessed valuation is $1 million or more, the filing fee is 10 cents per $1,000 of the assessed value, with a maximum filing fee of $5,000.
He presented his determinations to the County's board of assessors (BOA), which adopted part of the appraisal, but reduced the assessed value of some of the parcels to $35,000 an acre.
"We believe debt service coverage should remain solid with taxable assessed value increases compensating for the recent devaluations of land held by Georgia-Pacific, the former leading taxpayer," said Standard & Poor's credit analyst Lisa Schroeer.
In other large cities, the situation was diametrically opposite; for example, property in Valmiera was selling last year for an average of 7,700 lats, while the assessed value was 10,800 lats; in Jekabpils the figures were 8,800 lats and 12,100 lats, respectively.
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.
Further information, like the current market and assessed value of their homes, as well as the last recorded title date and sales price, is also available.
Do as Aharoni urges--don't throw away your assessed value statement.
The three-story building, which sits at the junction of Interstate 95 and Route 101, has an assessed value $9,251,000, according to listing agent Cushman and Wakefield of New Hampshire.