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.
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.
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.
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.
For example, 92 percent of single-family properties in Eugene - 44,541 accounts - will be taxed on assessed values, not real market values.
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.
With respect to real property assessments, the lesson of the 90s has been that those owners who took a proactive approach to the City's assessment practices, realized the greatest reductions in assessed values.