Real Estate Glossary

What is Assessment?

An assessment is the process of determining the value of a property for the purpose of calculating property taxes. This process is typically done by a government agency, such as a local property tax assessor. The assessment takes into account a variety of factors, including the property's size, condition, location, and comparable sales data from similar properties in the area. The assessment is used to calculate property taxes, which are typically based on a percentage of the assessed value of the property.

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