The appraised value is the value estimate established by the assessor from the last reassessment, an assessable transfer of interest, the value as a result of an appeal, or the value after new construction/remodeling. The appraised value may be capped based on the last reassessment (15% limitation)
The assessed value is the result of multiplying the appraised value by the appropriate assessment ratio of 4%, 6% or 10.5%.