Legal Definitions - assessed value

Assessed value refers to the value of a property that is determined by a tax assessor or appraiser for the purpose of calculating taxes. This value is used to determine the amount of property tax that the owner of the property will be required to pay.

For example, if a tax assessor determines that a property is worth $500,000, then the assessed value of that property will be $500,000. This value will be used to calculate the amount of property tax that the owner of the property will be required to pay.

Another example would be if a homeowner makes significant improvements to their property, such as adding a new room or renovating the kitchen. The assessed value of the property may increase as a result of these improvements, which would result in an increase in property taxes.

Overall, assessed value is an important factor in determining the amount of property tax that a homeowner will be required to pay. It is important for homeowners to understand how assessed value is calculated and how it can impact their taxes.