Assessed Value

Assessed value is the dollar figure your city or town places on your property to calculate property tax. It is set by the municipal assessor, often through periodic revaluations, and it can differ from what your home would actually sell for on the open market. In many towns the assessment lags behind the current market, so a fast-rising area may show assessments below true market value, while a cooling area may show them above. Your tax bill is the assessed value multiplied by the mill rate, so an assessment you believe is too high directly raises what you pay. If your number looks off, you can usually challenge it. See how to appeal your assessment for the steps and deadlines.