Assessment

An assessment is an estimate of value for tax purposes. Also referred to as assessed valuation. An assessment is a value assigned to a property, most commonly by a local government, for the purpose of calculating property taxes. This assessed value is typically determined by a tax assessor using factors such as the property’s size, location, improvements, and recent sales of comparable homes, although it may not match the property’s current market value. Assessments can also refer to special charges added to a property’s tax bill to pay for local improvements, such as sidewalks, road repairs, or sewer systems, and these additional assessments can affect a homeowner’s ongoing costs and the overall affordability of the property.