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Many jurisdictions impose tax on a value that is only a portion of market value. This assessed value is the market value times an assessment ratio. [27] Assessment ratios are often set by local taxing jurisdictions. However, some states impose constraints on the assessment ratios used by taxing jurisdictions within the state. [27]
Understanding your home's value is an important part of knowing your net worth, what you'll likely receive if you sell the property and how the local real estate market is faring. Home value is ...
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price. Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. [5] Fractional assessment can result in properties that are assessed at 10% or less of their given market ...
Amanda Clerici, a town of Carmel real property appraiser, said that the assessed value of vacant land rose 10%, while residential properties rose between 3% to 9%, depending on the neighborhood.
The question is whether a homeowner or homebuyer can rely on the assessed value to accurately determine the property’s true market value.
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