assessed value: meaning, definition, pronunciation and examples
MediumFormal, Professional, Technical
Quick answer
What does “assessed value” mean?
The official valuation of a property for taxation purposes, determined by a government assessor.
Audio
Pronunciation
Definition
Meaning and Definition
The official valuation of a property for taxation purposes, determined by a government assessor.
The monetary worth assigned to an asset (typically real estate) by an official authority, used to calculate taxes like property tax. It is often a percentage of the property's fair market value.
Dialectal Variation
British vs American Usage
Differences
Term and concept are identical. 'Council Tax' banding in the UK serves a similar but not identical function for residential property, though 'rateable value' is used for business premises. The phrase 'assessed value' is more standard in American property tax systems.
Connotations
Neutral and technical in both regions, but carries immediate association with property tax bills.
Frequency
Higher frequency in American English due to the pervasive local property tax system. Lower frequency in UK English, where 'rateable value' or 'Council Tax band' are more common.
Grammar
How to Use “assessed value” in a Sentence
The assessed value [of + PROPERTY] was [AMOUNT].The [CITY] assessed the property at [VALUE].Taxes are levied on [the] assessed value.Vocabulary
Collocations
Examples
Examples of “assessed value” in a Sentence
verb
British English
- The council reassesses the property's value every five years.
- They are appealing against how their home was assessed.
American English
- The county assessed the land at a much higher value this year.
- We hired a consultant to help us get our property assessed fairly.
adverb
British English
- []
American English
- []
adjective
British English
- The assessed valuation seemed disproportionate to the home's condition.
- He received the annual assessed value notice in the post.
American English
- The assessed valuation determined his property tax liability.
- The assessed value amount is listed on your tax bill.
Usage
Meaning in Context
Business
Crucial for financial planning and cost calculations for commercial real estate holdings.
Academic
Used in economics, public policy, and urban studies papers on taxation and municipal finance.
Everyday
Used by homeowners when discussing or disputing their annual property tax bill.
Technical
Central term in real estate law, accounting, and local government administration.
Vocabulary
Synonyms of “assessed value”
Strong
Neutral
Weak
Vocabulary
Antonyms of “assessed value”
Watch out
Common Mistakes When Using “assessed value”
- Using 'assessed value' interchangeably with 'market value' or 'appraised value'.
- Saying 'assessment value' instead of the correct compound noun 'assessed value'.
- Omitting the '-ed' (saying 'assess value').
FAQ
Frequently Asked Questions
No. Market value is the estimated price a property would sell for on the open market. Assessed value is a percentage of that (or a separate calculation) used specifically for taxation. Assessed value is usually lower.
Yes, most jurisdictions have a formal appeals process where you can present evidence (like recent sales of comparable properties) to argue for a lower assessed value.
It varies by location. Some areas reassess annually, others every few years, and some only when a property is sold or significantly improved.
Key factors include location, size (square footage), age, condition, improvements (like a new roof or addition), and recent sale prices of similar homes in the area.
The official valuation of a property for taxation purposes, determined by a government assessor.
Assessed value is usually formal, professional, technical in register.
Assessed value: in British English it is pronounced /əˈsest ˈvæljuː/, and in American English it is pronounced /əˈsest ˈvæljuː/. Tap the audio buttons above to hear it.
Phrases
Idioms & Phrases
- “[]”
Learning
Memory Aids
Mnemonic
Think: The tax ASSessor ASSESSED a VALUE. It's the ASSESSor's VALUE.
Conceptual Metaphor
VALUE AS A MEASURE (imposed by authority).
Practice
Quiz
Which of the following is most directly associated with 'assessed value'?