Definition
The dollar value assigned to a property by a local tax assessor for the purpose of calculating property taxes. Assessed value is often different from market value or appraised value. Some jurisdictions assess at full market value while others use a percentage (e.g., 80% of market value). Property owners can appeal their assessed value if they believe it is inaccurate, potentially lowering their tax bill.
Related Mortgage Terms
- Appraisal
A professional assessment of a property's market value conducted by a licensed a...
- Equity
The difference between your home's current market value and the remaining mortga...
- Property Tax
An annual tax levied by local governments based on the assessed value of real pr...
- Amortization
The process of paying off a mortgage through regular monthly payments of princip...
- Annual Percentage Rate (APR)
The total annual cost of a mortgage expressed as a percentage, including the int...
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