The assessed value is a property’s determined valuation used to calculate the appropriate tax rates. Depending on where you live, a municipal or county tax assessor will determine your home’s value, and local tax officials will calculate the property taxes based on the assessed value.

This city assessment is used to determine how much in taxes the owner of a property will pay. An assessor calculates the assessment of a home’s value by looking at comparable homes in your area and reviewing an inspection of the home in question.