The value of a property subject to tax.
Assessed value equals full cash value multiplied by the assessment ratio.
Cannot be used to value the land. Depends heavily on accurate cost data and recognizing construction differences in structures. Limited property value cannot exceed the full cash value. It is based on the previous year's limited value increased by either 10 percent or 25 percent of the difference between the full cash value of the current year and the limited value of the prior year, whichever is greater, unless your property has been changed as defined ARS 42-201.01 C and D since the previous year. Used for taxation to fund general operating budgets.