The assessed value of a home is
A) the value that the jurisdiction uses to assign taxes.
B) an annual 6% increase in the value of a home.
C) the annual rate of deprecation of a home because of use.
D) always lower than its market value.

Question

Quizplus · Accepted Answer

The assessed value of a home is the value that the jurisdiction (such as a city or county) uses to assign taxes to the property. It is calculated by taking a percentage of the property's market value, often around 80-90%, and is typically lower than the property's actual market value.

The Assessed Value of a Home Is