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Assessed value example!
Assessed Value: Definition, How It's Calculated, and Example
Understanding Assessed Value
When it comes to property taxes, understanding assessed value is essential.
Assessed value property tax
In this section, we will define assessed value, explore how it is calculated, and provide an example to illustrate the process.
Definition of Assessed Value
Assessed value refers to the value placed on a property by a tax assessor for the purpose of calculating property taxes.
It is typically a percentage of the property's market value, although the specific percentage can vary depending on the location. Some areas use 100% of the market value, while others use a lower percentage [1].
How Assessed Value is Calculated
To calculate the assessed value of a property, tax assessors consider several factors, including the property's market value, the tax rate that applies in the area, and any applicable property tax exemptions or abatements.
The formula for calculating assessed value can vary from place to place, as it is specific to each tax jurisdiction.
Example of Calculating Assessed Value
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