What is assessed value?
Assessed value is a term used in Oregon property tax law that refers to the estimated market value of a property. It is the amount of money the property is worth for the purposes of calculating property taxes. Assessed value is determined by the county assessor, usually on an annual basis. The assessor looks at factors such as the size of the property, its location, the condition of the home, and recent sales of similar properties in the area in order to determine an estimated market value for the property. This assessment only applies to the value of the property; it does not take into account any improvements that have been made or personal property that may be contained within the home. Assessed value is used as a starting point in calculating property taxes in Oregon, which is then multiplied by the tax rate to determine the amount of taxes due.
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