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Assessed value

The assessed value is the number on which your property tax bill is based. The assessed value is mulitiplied by the tax rate to arrive at the amount of tax owed.

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Expanded Definition

The value is estimated by the tax assessor based on market value. In some areas, the assessed value is the fair market value, but in others the assessed value is some fraction of the fair market value. The assessed value is often based on the price paid for the property and any improvements or otherwise as determined by periodic reassessment.

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