Assessed value is the dollar figure a county or municipal tax assessor places on a property to determine how much property tax the owner owes. It is calculated using local rules and may apply an assessment ratio to the property's estimated market value.
Assessed value often differs from market value and from appraised value. Some jurisdictions reassess only at set intervals or cap how much the assessment can rise each year, so a home's assessed value can lag well behind its actual market price.
Buyers should not treat assessed value as a reliable indicator of what a home is worth. It is primarily a tax figure, and owners who believe it is too high can usually appeal it.