Explore commonly used personal finance terms.
The assessed value is the value assigned to a property by a local government’s tax assessor to determine property tax obligations. This valuation is not necessarily the same as the market value and is often a percentage of the market value, depending on local laws. Property taxes are calculated based on this assessed value, which is periodically reviewed and may be adjusted based on property improvements, market changes, or new assessments. Property owners can appeal assessed values if they believe them to be inaccurate.
