What does Assessed Value mean? Read on to discover the definition & meaning of the term Assessed Value - to help you better understand the language used in insurance policies.
An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes. In general, the assessed value tends to be lower than the appraisal fair market value of property.
We hope the you have a better understanding of the meaning of Assessed Value.