What is an assessed value?

An assessed value is a value placed upon a property by the local taxing/assessment authority for property tax purposes.

Generally, this is the value on which taxes are based however each individual taxing/assessment authority has specific guidelines and laws for calculating their market, appraised, or assessed values.

In addition, many states or counties have laws governing assessed values and how much they can increase on a yearly basis. (e.g. Proposition 13 in California).