The property tax assessment is an evaluation of the total value of a property for tax purposes. Every local government does evaluations of every property in the area. This assessment is different from an appraisal. The government performs the assessment every year because property values increase or decrease every year.
Assessed Value
The assessed value of a property is the official monetary value of the property. This value is estimated by the public tax assessor in order to know how much tax the owner of the property needs to pay.
Why the assessment is necessary?
Your government needs money to take care of a lot of projects. But, the government does not own businesses or investments.
This is where you come in. The government will add taxes to every taxable property to raise money for its projects.
There is no way to calculate the value of your house without doing an assessment.
This is one way your government makes money that takes care of schools, roads, parks, and recreational services, etc.
What if the assessment is greater than appraisal?
The assessment value can sometimes be greater or less than what you got from the appraisal.
If there is a big difference between your appraisal and the assessment; it means something might have been missed or overlooked.
In this case, you can appeal the assessment. Otherwise, you could end up paying a ton of tax on your property.
