What is the difference between the assessed value and the actual value?

The assessed value of a property is the value the county assessor determines a property is worth for tax purposes. It is based on the current market value of the property, but may be reduced by certain exclusions or exemptions permitted by law. The assessor takes into account factors such as age, condition, and location of the property when calculating the assessed value. The actual value of a property is the fair market value of the property, which is determined by the buyer and seller in the market based on factors such as location, condition, and amenities. The actual value of a property is what a buyer would be willing to pay for it, had it been put up for sale. The difference between the assessed value and the actual value of a property can be large or small, depending on the conditions of the property and the real estate market in the area. In California, property values are reassessed every year, and the assessed value can vary from the actual value. It is important to know the assessed value of a property to accurately determine its property tax rate.

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What is the difference between the assessed value and the actual value?

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