what is an assessed value of a property

[Julio]

The assessed value is the dollar amount a local government assigns to a property to determine its annual property taxes. It is calculated by a tax assessor, often based on a percentage of the property's market value, and takes into account factors like the property's size, condition, location, and comparable recent sales. This value can be different from the market value, which is the price a property would likely sell for on the open market.