Assessed Value

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Dictionary Says

Definition of 'Assessed Value'

The dollar value assigned to a property for purposes of measuring applicable taxes. Assessed valuation is used to determine the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes. In general, this value tends to be lower than the appraisal fair market value of a property.
Investopedia Says

Investopedia explains 'Assessed Value'

This valuation occurs annually. It takes into account the overall quality of the property, property values and market conditions of the surrounding areas. Property owners who want to dispute the assessed value placed on their property can request a reassessment, which is a second evaluation of the value of the property. In some locations, property is given an assessed value that is 20% of the property's fair market value.

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