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Real Estate Word of the Day: Assessed Value

Assessed value is a valuation placed on a property by a public tax assessor for the purposes of taxation. Unlike market value, which is determined by what a buyer is willing to pay for a property on the open market, assessed value is used by local governments to calculate property taxes. Each municipality has its own methods and standards for determining the assessed value, which can involve various factors such as the property's size, location, and improvements, as well as broader market trends.

The process of calculating assessed value typically involves several steps:


  1. Property Inspection - Assessors often start with a physical inspection of the property. This includes measuring the property's…

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