Real Estate Terms Glossary
What is Assessed Value?
In real estate, assessed value is the value put on a property for the purposes of taxes. The Government will come up with an assessed value of your home so that you can pay property taxes. Assessed value is not typically accurate.
The way assessed value is calculated is by looking at comparable homes sales (comps), location data, and inspections in your area. It is not a reflection of the current market, thus typically is lower than the fair market vlue of a property.
To calculate property tax, most use the following equation:
Value x Assessment Ratio x Millage Rate = Effective Property Tax
Assessed Value Examples
Examples where you will find assessed value include:
- Example 1. You will see your assessed value on your property tax bill.
- Example 2. You may see your assessed value online through a Government portal.
Here’s Investopedia’s definition of assessed value .
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I was born in Charlotte, NC and primarily raised in Dalton, GA. I graduated from Dalton High School in 1981 where I was in the band and the French club. I also participated in Junior Achievement and was a member of Tri-Hi-Y. New York granted my first license as an attorney in 1990. I then worked as a partner in the firm of Broda and Burnett for almost 10 years and as a solo practitioner for about 2 years. I worked as a general practitioner (primarily doing divorces, child abuse cases, custody matters and other family law matters, bankruptcy, real estate closings, contracts, taxes, etc.) and as a Law Guardian (attorney who represents children). I obtained my license in Tennessee in December 2002 and began working as an associate at Blackburn & McCune from February of 2003 until May of 2005. At Blackburn & McCune I provided telephone legal counsel to Prepaid Legal Services (now known as Legal Shield) members, wrote letters for members, reviewed contracts, attended hearings on traffic ticket matters and represented members with regard to IRS matters. In May of 2005, I went to work for North American Satellite Corporation where I served as Corporate Counsel. I handled a number of taxation issues, reviewed and wrote contracts, counseled the CEO and Board of Directors on avoiding legal problems and resolving disputes, and represented employees on a variety of matters, and also assisted the company for a period of time as its Director of Accounting. In 2010, I volunteered as a law clerk for Judge Robert Adams in Dalton, Georgia until I obtained my license to practice law in Georgia in November, 2010. In Georgia, I have handled a variety of family law matters, drafted wills, advanced health care directives, power of attorney documents, reviewed and drafted contracts, and conducted real estate closings. Currently, I accept cases in the areas of adoption, child support, custody, divorce, legitimation and other family law matters. In addition, I handle name change petitions and draft wills.
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