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Definition of 'Assessed Value'

For taxation purposes, a property's monetary worth is assessed, which is known as its assessed value. This value is ascertained annually by governmental agencies considering surrounding property values and market conditions. The assessed value is typically less than a property's fair market price and is used to determine applicable property taxes.

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0% found this document useful (0 votes)
34 views1 page

Definition of 'Assessed Value'

For taxation purposes, a property's monetary worth is assessed, which is known as its assessed value. This value is ascertained annually by governmental agencies considering surrounding property values and market conditions. The assessed value is typically less than a property's fair market price and is used to determine applicable property taxes.

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Kumar
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Assessed Value Definition | Assessed Value Meaning - The Economic Times

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.

http://economictimes.indiatimes.com/definition/assessed-value

11-12-2015

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