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Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of
In
property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...
, usually to calculate a property tax
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheri ...
. This is usually done by an office called the assessor or tax assessor.
Governments need to collect taxes in order to function. Federal, state and local governments impose tax assessments against real property, personal property and income. The word tax assessment is used in different ways but often refers to a tax liability owed by a taxpayer.
In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an “assessed value,” which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a “mill rate,” to arrive at the amount of the property tax.
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.https://apartmentpropertyvaluation.com/apartment-property-tax-appeals
United States
In local government in the United States
Local government in the United States refers to governmental jurisdictions below the level of the state. Most states and territories have at least two tiers of local government: counties and municipalities. Louisiana uses the term parish and Alas ...
, 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
A county is a geographic region of a country used for administrative or other purposesChambers Dictionary, L. Brookes (ed.), 2005, Chambers Harrap Publishers Ltd, Edinburgh in certain modern nations. The term is derived from the Old French ...
, municipality
A municipality is usually a single administrative division having corporate status and powers of self-government or jurisdiction as granted by national and regional laws to which it is subordinate.
The term ''municipality'' may also mean the go ...
, or township
A township is a kind of human settlement or administrative subdivision, with its meaning varying in different countries.
Although the term is occasionally associated with an urban area, that tends to be an exception to the rule. In Australia, Ca ...
; this information is then used by the local governments to determine the necessary rates of taxation to support the community's annual public budgets. In Florida, this official is known as the property appraiser. In Vermont, this office is known as a lister.
See also
*Appraiser
An appraiser (from Latin ''appretiare'', "to value"), is a person that develops an opinion of the market value or other value of a product, most notably real estate.
The current definition of "appraiser" according to the Uniform Standards of Pro ...
— a similar job in private practice
* Claims adjuster
A claims adjuster, desk adjuster, field adjuster, or general adjuster (claim adjuster, claims handler, claim handler or loss adjuster in the United Kingdom, Ireland, Australia, South Africa, the Caribbean and New Zealand) investigates insurance cla ...
— a similar job in the insurance industry, which acts when an insurance claim is made
* Real estate appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every pro ...
— a similar job in private practice, specific to real estate
References
Business occupations Evaluation Local taxation in the United States Land value taxation {{tax-stub