An estimate of value assigned to taxable property by the assessor for purposes of property taxation. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. See tax rate. The relationship between the assessed value and equalized value of all taxable property within a municipality.
Property is both classified and assessed in different manners.
Property is classified as either real property or personal property. Real property is comprised of residential, commercial, and manufacturing property. Residential and Commercial property is assessed by the local assessor. The State assesses manufacturing property. The commercial class consists of properties where the predominant use is the selling of merchandise or a service.