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The assessment leads to an "assessed value," which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of a property.
This is unfortunate for one of the two parties. 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]
The lender will then justify the loan amount (and other risk-based pricing) factors as a percentage of the appraised value of the property. [2] Appraised values can also be made after a property sale. For example, home owners wishing to gain access to their increased equity in their home may obtain a mortgage valuation to prove its value has ...
The final property tax amount is calculated by multiplying the municipal final property tax rate for the year by the BC Assessment value. Vancouver has the lowest property tax in Canada as a percentage of assessed value [13] because while property values are extremely high, the city's budget has stayed relatively constant.
Real property must be listed with the "description, kind, location, year and mode of acquisition, assessed value, fair market value, acquisition cost of land, building, etc. including improvements thereon". [4] Any "co-mingled" assets, such as a house co-owned by siblings, must also be listed. [4]
Pittsburgh used the two-rate system from 1913 to 2001 [21] when a countywide property reassessment led to a drastic increase in assessed land values during 2001 after years of underassessment, and the system was abandoned in favor of the traditional single-rate property tax. The tax on land in Pittsburgh was about 5.77 times the tax on ...
The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries and jurisdictions. Usually, ad valorem taxes are calculated as a percentage of the estimated value of the considered property. The estimated value of ...
If the value of the commercial lot as vacant in "House B" exceeds the value of house as a residence as improved plus demolition costs, the overall highest and best use of this property would be the as vacant value of the commercial lot. For example, assume that "House B" has a value as a house of $200,000, and a site value as a commercial lot ...