Assessed Value: noun
1. The estimated monetary value assigned to a property or asset by a government authority for the purpose of determining property taxes or other assessments. It is typically calculated based on factors such as the property’s size, location, condition, and comparable sales in the area.
2. The value assigned to an asset or investment for the purpose of determining its worth or potential return on investment. This value is often determined by professional appraisers or financial analysts based on various factors such as market conditions, asset performance, and future projections.
The assessed value refers to the value of a property as determined by a government tax assessor for the purpose of calculating property taxes. This value is used to determine the amount of tax that a property owner must pay to the local government. The assessed value is typically based on the market value of the property, but may be adjusted by factors such as the property’s condition, location, and improvements. It is important for property owners to understand the assessed value of their property in order to ensure that they are paying the correct amount of property taxes.
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This glossary post was last updated: 29th March 2024.
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