Money & budgets
property assessment
The government's valuation of a property for tax purposes, set by a local assessor and appealable by the owner.
In full
Assessment practice varies: some jurisdictions assess at full market value, others at a fixed percentage of it, and some cap how fast assessments may rise. Appeals are a routine right, generally with a deadline shortly after notices go out. Because the assessment drives the bill, assessment rules matter as much as the tax rate.
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A plain-language explanation for civic education, not legal advice. When in doubt, the official source named above controls.