Assessor

AAA

DEFINITION of 'Assessor'

A local government official who determines the value of a property for local real estate taxation purposes. Assessors are trained to determine the fair market value of property. The figures that they derive will be used to calculate future property taxes. The assessor estimates the value of real property within a city, town or village's boundaries. This value is converted into an assessment, which is one component in the computation of real property tax bills.

These government officials maintain assessments at a uniform percentage of market value annually. An assessor signs an oath to this effect when certifying the tentative assessment roll. The assessment roll is a document containing each property assessment. Each year, assessors are required to keep current the physical description (or inventory) and value estimate of every parcel.

INVESTOPEDIA EXPLAINS 'Assessor'

For example, to become an assessor in New York State, a person has to get a basic certification within three years of taking office. Assessors in some states are not required to obtain basic certification. The certification requires successful completion of orientation, three assessment administration course components and five appraisal components, including farm appraisal for certain agricultural communities. The New York State Office of Real Property Tax Services (ORPTS) sets the components. Appointed assessors are required to complete an average of 24 hours of continuing education.

RELATED TERMS
  1. Ad Valorem Tax

    A tax based on the assessed value of real estate or personal ...
  2. Assessed Value

    The dollar value assigned to a property for purposes of measuring ...
  3. Taxes

    An involuntary fee levied on corporations or individuals that ...
  4. Real Estate

    Land plus anything permanently fixed to it, including buildings, ...
  5. Property Tax

    A tax assessed on real estate by the local government. The tax ...
  6. Millage Rate

    The amount per $1,000 that is used to calculate taxes on property. ...
Related Articles
  1. Retirement

    Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  2. Home & Auto

    To Rent Or Buy? The Financial Issues

    Thinking of buying a home? We look at the initial and ongoing costs, as well as the so-called benefits.
  3. Taxes

    5 Tricks For Lowering Your Property Tax

    Find out what steps you can take to reduce your bill.
  4. Options & Futures

    When You Can't Pay Uncle Sam

    If you can't pay your taxes, there are some steps you can take to protect yourself. Discover your options here.
  5. Retirement

    Cut Your Tax Bill

    Paying your bills early or giving an extra donation now can help you come tax time.
  6. Taxes

    How are real estate taxes calculated?

    Find out how real estate taxes are calculated; failure to pay these taxes that can be a substantial annual expense can lead to loss of the property.
  7. Home & Auto

    4 Overlooked Homeownership Costs

    Mortgage payments aren't the only expense. Find what else you'll be on the hook for.
  8. Budgeting

    Will You Break Even On Your Home?

    Calculate how much your property will need to appreciate to cover the costs of owning it.
  9. Home & Auto

    Understanding Mortgage Impound Accounts

    Home buyers with low down payments may get stuck with higher mortgage payments. Find out what you get for the extra money.
  10. Retirement

    Downsize Your Home To Downsize Expenses

    Learn how to cut your mortgage, tax, gas and utilities bills.

You May Also Like

Hot Definitions
  1. Christmas Island Dollar

    The former currency of Christmas Island, an Australian island in the Indian Ocean that was discovered on December 25, 1643. ...
  2. Santa Claus Rally

    A surge in the price of stocks that often occurs in the week between Christmas and New Year's Day. There are numerous explanations ...
  3. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  4. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  5. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  6. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
Trading Center