Direct answer
What does assessed value mean?
Assessed value is the value placed on real property for property-tax administration.
Exam cue: Use assessed value with the applicable exemption and tax-rate information, not as a substitute for market value.
What does it look like in a question?
Example
A municipality lists a parcel at $180,000 assessed value for the assessment roll.
Common exam trap
What should you not confuse it with?
Assessed value can differ from market value and appraised value.
Related taxes and assessments terms
Assessment rollAn assessment roll is the official municipal record listing parcels, assessed values, exemptions and related assessment information.Equalization rateThe equalization rate is New York State's measure of a municipality's overall level of assessment, calculated from total assessed value and total market value.ExemptionA property tax exemption is a law-based reduction or removal of qualifying property value from specified property taxation.Tax levyA tax levy is the total amount a taxing jurisdiction determines it must raise through property taxes.Tax lienA tax lien is a charge against real property that secures payment of unpaid property taxes.Tax rateA tax rate is the rate applied to taxable assessed value to calculate property tax for a jurisdiction.
Sources used2 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself.
Keep learning
Put the term back into its full subject.
A definition helps with recall. The subject guide shows how the rule interacts with documents, scenarios, calculations and practice questions.