assessed valuation

(redirected from Assessed Valuations)
Also found in: Legal, Financial.

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 ?
A unit's percentage of ownership in the common elements not only determines its share of the association expenses, it is part of the criteria used by the assessor to determine assessed valuation of units for purposes of real estate taxes.
The referee held Rose Township's 2011 sales comparables supported the assessed valuation of $ 140,000.
In addition, the Worcester Housing Authority and the Worcester Redevelopment Authority, government agencies that operate independently of the city, own properties that have total assessed valuations of $256.6 million and $18 million, respectively, according to Mr.
The assessed valuation is to be as of that statutory date, and reasons why this date is important include new construction in progress, remodeling under way, vacant space, physical condition of the building, utilization of the building, and date of occupancy.
If there is a "shovel in the ground" by December 28, 2010, developers can also purchase a new supply of "2007 certificates" with benefits capped at an average of $65,000 of assessed valuation per unit.
Many states apply equalization rates to the assessors' estimates of market value to derive the assessed valuations. As a result, some companies receiving assessment notices and tax bills are not aware that the values stated are at a reduced percentage of market value.
13 cut the property tax rate by more than 50 percent, capping it at 1 percent of assessed valuation. Perhaps more significant than the rate cut, Prop.
That year, Worcester's total assessed valuation increased by roughly $420 million, but with this year's drop in property values the total valuation is now only about $22 million more than what it was two years ago.
In fiscal 2011, the city received 1,257 abatement applications in which property owners contested their assessed valuations, while in fiscal 2010 the city received 1,432 applications, and in fiscal 2009 it received 1,784.
They account for about 25 percent of the assessed valuations protested in New York City this year.
City officials are bracing for an influx of abatement applications from commercial and industrial property owners because of dramatic increases in their assessed valuations.
Protesting assessed valuations that are too high is one way owners can keep some control over rising costs.