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Simple English definitions for legal terms
assessed valuation
Read a random definition: Genoese lottery
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.