What is the term for the value assigned to a property for tax purposes?

The term assigned to a property for tax purposes is "assessed value." This is a value established by the local tax assessor's office, which is used to determine how much property tax the owner must pay. The assessed value typically differs from the market value, which reflects what the property would sell for in the current real estate market.

Assessed value is often a percentage of the property's market value, depending on local regulations and guidelines. This value plays a key role in the calculation of property taxes, and it is essential for property owners to understand how it may affect their tax obligations.

Market value, appraised value, and book value, while related to property valuation, serve different purposes and are not specifically connected to tax assessments. Market value is what buyers are willing to pay, appraised value is determined by a professional appraiser, and book value relates to the accounting value of the property on a company’s balance sheet.