Definition of 'Assessed Value'
Definition of 'Assessed Value'
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For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is
known as assessed value.
Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained
price is known as assessed value.
Description: This assessment is done at an annual basis, considering factors such as property values
and market conditions in the neighboring areas. Governmental agencies like Municipal Corporation
conduct this assessment for measuring applicability of property taxes based on the monetary value of
the property.
Insurance companies may not use these valuations for indemnification, etc. In general, this assessed
value tends to be less than the fair or actual market price of the property.
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11-12-2015