An assessment is a process of determining the value of a property for tax purposes. The assessed value is used to calculate the amount of property taxes owed on the property.
In most jurisdictions, the local government will perform an assessment of each property within its jurisdiction on a regular basis, such as annually or every few years. The assessment is based on various factors, including the size of the property, the location, the condition and age of the structure, and the value of similar properties in the area.
It's important to note that the assessed value of a property may not necessarily reflect its market value. In some cases, the assessed value may be lower than the market value, and in other cases, it may be higher. If a homeowner feels that the assessed value of their property is not accurate, they may have the right to appeal the assessment.
It's also worth mentioning that the assessed value is used to calculate property taxes, which are typically paid annually to the local government. The amount of property taxes owed is based on the assessed value of the property and the tax rate set by the local government.
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