The assessed value of your home isn’t the same as its fair market value. A home’s fair market value is the amount you may sell your home for. A local government agency calculates a home’s assessed value to determine property taxes. By the way, your state and county tax rates aren’t a secret. You can usually find them by searching your state’s treasury department website.nnYour property tax bill can vary annually depending on changes to your state and local property tax rates or the assessed value of your home.