Real Estate Term
Assessment
The value placed on a property by a municipality for tax purposes.
What is Assessment?
An assessment is the value a municipality assigns to a property to calculate how much property tax the owner pays. It is set by a public assessment authority and may differ from the price a home would actually sell for, since it is updated periodically and used for taxation rather than sale. If you believe your assessment is too high compared with similar homes, you can usually appeal it to have it reviewed.
Frequently asked questions
Related terms
Property TaxAn annual tax paid to the municipality based on the assessed value of the property.AppraisalA professional assessment of a property's market value, typically required by lenders before approving a mortgage.Fair Market ValueThe price a property would sell for in a competitive market with willing buyers and sellers.AppreciationAn increase in property value over time due to market conditions or improvements.
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