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LSDefine

Simple English definitions for legal terms

assessed valuation

Read a random definition: Vega v. Tekoh (2022)

A quick definition of assessed valuation:

Assessed valuation is the value that a government agency assigns to a property for tax purposes. It is the estimated worth of the property that is used to calculate the amount of taxes that the property owner must pay. For example, if a house is assessed at $100,000 and the tax rate is 2%, the property owner would owe $2,000 in taxes.

A more thorough explanation:

Definition: Assessed valuation is the value that a taxing authority gives to a property for tax purposes. It is determined by the process of valuation, which estimates the worth of a thing or entity.

Examples:

  • When a homeowner receives their property tax bill, it is based on the assessed valuation of their home.
  • An executor of an estate may choose to use special-use valuation to value farmland at its current use rather than its highest potential value for tax purposes.

The examples illustrate how assessed valuation is used by taxing authorities to determine the amount of taxes owed on a property. The value assigned to the property is based on the estimated worth of the property, which can be influenced by factors such as location, size, and condition.

assessable stock | assessee

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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