What is assessed value?

Assessed value is a key concept in property tax law in California. In general, it is the estimated market value of a piece of land or property, which is set by the local and/or state government. The assessed value is usually lower than the actual market value of the property, which means the owner pays less in taxes. The goal of this system is to make the tax burden more fair and equitable. When the assessed value is set, it is used to determine the amount of property tax that the owner is required to pay. The amount of tax that is due depends on the local and state tax rates, as well as the assessed value of the property. It is important to note that the assessed value is typically not the same as the appraised value of the property, because it is set by the government and not a professional appraiser. The assessed value of a property is also used to calculate how much you can deduct in taxes, as most states allow for a deduction of up to the assessed value of the property. This deduction can be used to reduce the amount of tax you are required to pay. The assessed value of a property is typically reassessed on a regular basis to ensure that it accurately reflects changes in the market value of the property.

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What is assessed value?

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