Property TaxesHomebuying Glossary
Assessed Value
The value a local government assigns to your property specifically for calculating property taxes.
In plain English
Assessed value is determined by a local tax assessor and is often different from (sometimes lower than) your home's actual market value. Your property tax bill is calculated using this figure, not necessarily what you paid for the home.
Why it matters
If your assessed value seems too high compared to similar homes, most jurisdictions allow you to formally appeal it.
Where you'll run into it
Guides and tools on TheBuyingPath that cover assessed value in context.
Related terms
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