Glossary of Terms A - E
Assessed ValueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. During revaluation years, State law requires all assessments to be at 100% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market.
Assessed Value Tax RateSee tax rate.
Assessment RatioThe relationship between the assessed value and equalized value of all taxable property within a municipality. For example, if the assessed value of all taxable properties in the City is $1,300,000,000, and the equalized value is $1,500,000,000 the assessment level would be 86.67%.
Assessment Ratio= Assessed Value