What Is Tax Assessed Value?

Assessed value is the dollar value assigned to a home or other piece of real estate for property tax purposes. It takes into consideration comparable home sales, location, and other factors. Assessed value is not the same as fair market value (what the property could sell for) but is often based on a percentage of it.

Is tax assessed value the same as market value?

An assessed value helps local and county governments to determine how much property tax a homeowner will pay. ... Market value refers to the actual value of your property when placed at sale on the open market. It's determined by buyers and defined as the amount they are willing to pay for purchasing the home.

What does tax assessed value mean on Zillow?

This is the value of real or personal property based on the valuation established by a government tax assessor.