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In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price. Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. [5] Fractional assessment can result in properties that are assessed at 10% or less of their given market ...
Many jurisdictions impose tax on a value that is only a portion of market value. This assessed value is the market value times an assessment ratio. [27] Assessment ratios are often set by local taxing jurisdictions. However, some states impose constraints on the assessment ratios used by taxing jurisdictions within the state. [27]
The two types you'll most likely encounter are market value and assessed value. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways ...
Ad valorem taxes refer to goods or property taxes seen as a percentage of the sales price or estimated value. They belong to the assessed value range (because this is the only way to estimate the "sales price"). There are three species or types of property: Land, Improvements to Land (immovable man made things), and Personal (movable man made ...
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.