assessed valuation

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assessed valuation

The value of a property as determined by a municipality for real estate tax purposes; often this valuation is less than the true market value of the property.
References in periodicals archive ?
Taxes usually are tied to "maximum assessed values," first set in the 1997-98 tax year, and capped at 3 percent increases each year since then.
They may make adjustments to the assessed values that are different from the other adjustments; consequently, the assessed value of a town and a village may be different.
In years following market growth, assessed values continue to rise even if market values decline, as is the ease for fiscal year 2011.
On appeal, the Baechtolds argued that a violation of the uniformity clause in the state constitution could be proven by showing a disparity between the assessed value of the property in question and the assessed value of similar properties in the neighborhood.
While lowering the assessed value normally results in a refund to the new owner, it should not have in these cases because taxes were not paid on the full assessed value due to the exemption.
The positive offset is that any reduction in assessed value and commensurate decrease in taxes will establish a new and more favorable tax baseline, perhaps permanently.
The regional economy performed well over the past three years, including strong employment gains, unemployment rates below the county and state levels, and rapid assessed value growth.
While the real market value can fluctuate with the economy, the maximum assessed values that determine how much a property owner pays in taxes can increase by a maximum of only 3 percent per year, unless there are changes to the property.
Developers are simply seeking a five-year phase in- of the improvements that would follow the current transition assessment guidelines for any other in crease in assessed value.
The booming real estate market generated a single-year hike of more than $3 billion in property assessments, bringing Ventura County's assessed value to a record $50.
Now, according to the Lane County Department of Assessment and Taxation, 22 percent of properties in Lane County have market values that are below the assessed values - and the great majority of these owners will see their taxes drop this fall.
The jump in the county's assessed value will pump $150 million more in property tax revenues into the state's coffers, most of which will go to schools, said Rick Auerback, assistant assessor.