Assessed value

The assessed value of a property is the value assigned to it by government assessors for the purpose of calculating annual property or real estate taxes. The assessed value of a property is very important because it will determine whether the ones annual taxes will go up or down.

The assessed value of a property is based on the sales of comparable properties within the last year. The assessor’s office takes into account thousands of sales transactions and inspections made within the last year both in the immediate and surrounding areas. This means that while the surrounding property value will greatly affect the assessed value the inspection of the actual property plays an equally significant role.

It is important to note that when inspecting a property, the assessor only looks at the exterior of the property so that a property that is well maintained on the outside (i.e. recent additions and improvements such as a new garage or repainting the house) will mean an increase in the property’s assessed value, even if the interior has deteriorated (i.e. broken pipes and heating, broken cabinets, peeling paint, et cetera).

Since the assessed value of a property is based on the previous year’s records, it is not always the same as the current market value. The current market value can be higher or lower, depending on the recent market fluctuations. If the assessed value of the property is much higher than the current market value, the owner can file an appeal so that their taxes will be lowered.

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