assessed value

USAGE SUMMARY

"assessed value" is a correct and commonly used phrase in written English.
It refers to the estimated value of a property or asset as determined by a financial or tax authority for the purpose of taxation or evaluation. Example: The city's tax assessor determined that the assessed value of the house was significantly higher than its previous appraisal.

✓ Grammatically correct

News & Media

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

55 human-written examples

An assessment done in 1991 found the average assessed value of the cottages was about $20,000, but because of their location they could be worth more.

The New York Times

Even though his taxes would have gone up by about $200 using the new assessed value, he said he would probably not challenge the assessment.

The New York Times

At the time, Millstone's assessed value was $2.9 billion.

The New York Times

While that amount is usually lower than the assessed value -- because the transitional assessed value lags behind the assessed value if the market value of the property increases from year to year -- it is possible for the "actual" assessed value to be lower than the transitional assessed value if the market value of a building decreases).

The New York Times

The allowable assessed value, however, is not necessarily the same as the "taxable assessed value" -- the amount upon which taxes are based.

The New York Times

In any case, the "taxable value" of a Class 2 property is the lower of the assessed value or transitional assessed value.

The New York Times

In the Casals' case, he said, last year's assessed value was $5,500, and their new assessed value is only $3,639, a significant decrease.

The New York Times

Why should my assessed value be increased more, relatively, than another person's?

The New York Times

Hood River County property taxes are $16 per $1,000 assessed value.

The New York Times

A property's assessed value, together with the tax rate applied, determines the final tax bill.

The New York Times

"Although you cannot challenge the rate, you can challenge the building's assessed value," Mr. Saft said.

The New York Times

Expert writing Tips

Best practice

When discussing property taxes, clarify the distinction between "assessed value" and market value to avoid confusion. The "assessed value" is often a percentage of the market value and is used to calculate property taxes.

Common error

Don't assume the "assessed value" is the same as the market value or what you could sell the property for. The assessed value is used for taxation purposes and may not reflect the actual market price.

Linguistic Context

The phrase "assessed value" functions as a noun phrase acting as a subject or object in a sentence, referring to the valuation of property or assets for taxation or evaluation purposes. Ludwig AI confirms that this is a correct and commonly used phrase.

Expression frequency: Very common

Frequent in

News & Media

100%

Formal & Business

0%

Science

0%

Less common in

Academia

0%

Encyclopedias

0%

Wiki

0%

Ludwig's WRAP-UP

The term "assessed value" is a frequently used noun phrase, referring to the value assigned to a property or asset by a taxing authority for the purpose of calculating taxes. According to Ludwig AI, the phrase is grammatically correct and widely accepted. Predominantly found in news and media sources, it is essential to differentiate "assessed value" from market value. While semantically related terms like "valuation for tax purposes" or "taxable valuation" exist, "assessed value" maintains its specific connotation. When writing about property taxes, make sure to specify that "assessed value" is not equal to the market value of that property.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

taxable valuation

This highlights the value used specifically for calculating taxes.

official valuation

This emphasizes that the value is determined by an authority.

valuation for tax purposes

This alternative emphasizes the reason for the valuation, which is taxation.

appraised value

This refers to a formal appraisal, often for insurance or sale purposes.

property valuation

This term is broader, referring to the valuation of any kind of property, not necessarily for tax purposes.

determined valuation

Highlights the act of determining the value.

estimated worth

This is a more general term for the approximate value of something.

calculated value

Focuses on the process of calculating the value rather than the value itself.

market assessment

Emphasizes the market's influence on determining the value.

rateable value

A UK-specific term referring to the value used for local property taxes.

FAQs

How is "assessed value" used to calculate property taxes?

The "assessed value" is multiplied by the local tax rate to determine the amount of property taxes owed. Exemptions and deductions may also be applied to the "taxable valuation".

What's the difference between "assessed value" and market value?

Market value is the price a willing buyer would pay for a property in a free market. "Assessed value" is the value assigned by a tax assessor for taxation, often a percentage of the market value.

How can I challenge my property's "assessed value"?

You can usually challenge the "assessed value" by providing evidence that it's inaccurate, such as comparable sales data or an independent appraisal. Contact your local tax assessor's office for procedures.

What factors influence a property's "assessed value"?

Factors include location, size, age, condition, recent sales of comparable properties, and improvements made to the property. Local economic conditions can also influence the "valuation for tax purposes".