Direct answer
What does Assessed value mean?
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?
New York 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 rollThe official municipal record listing parcels, assessed values, exemptions and related assessment information.Equalization rateNew York State's measure of a municipality's overall level of assessment, calculated from total assessed value and total market value.ExemptionA law-based reduction or removal of qualifying property value from specified property taxation.Tax levyThe total amount a taxing jurisdiction determines it must raise through property taxes.Tax lienA charge against property for unpaid property taxes.Tax rateThe rate applied to taxable assessed value to calculate property tax for a jurisdiction.
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