Tax assessment

In some jurisdictions, the assessed value is meant to equal the market value of a property.

[1] Most state statutes give taxpayers a right to appeal the assessed value concluded by the assessor.

An initial step in the appeal process is for the taxpayer to make an independent estimate of market value and to compare it against the assessed value.

[2] This appeal process is especially important during periods when properties are "revalued" for assessment purposes[3] In local government in the United States, an assessor, also called a tax assessor, is an appointed or elected official charged with determining the value of each taxable property in a county, municipality, or township;[4] this information is then used by the local governments to determine the necessary rates of taxation to support the community's annual public budgets.

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