Determining Your Assessed Value

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Determining Your Assessed Value

Your Assessed Value is based on a percentage of your Market Value. This percentage is known as the Level of Assessment or Assessment Ratio. Your Assessment Ratio depends on your tax class.
Assessment Ratios

Tax class 1
6%

Tax class 2, 3 and 4
45%

Limits on Increases for Class 1, 2a, 2b and 2c properties.
State law limits how much Assessed Values can increase each year for certain tax classes. Your tax class determines what limits apply to your property:

Tax class 1 - 6% per year, no more than 20% over 5 years.

Tax class 2a, 2b, 2c - 8% per year, no more than 30% over 5 years for building with 10 or less units.

Tax classes 2 and 4 - Read about Transitional Assessed Values for information on how your Assessed Values are phased in.

For Tax Class 1, 2a, 2b and 2c properties:

The assessed value on your notices from the Department of Finance may be different than what you would get if you multiply your Market Value by the assessment ratio. This is because of the limits on assessment increases.

You may find that even when your Market Value has gone down, your Assessed Value continues to go up. This will happen if your actual Assessed Value, taking into account limits on assessment increases, is lower than the assessment ratio - 6% for tax class 1 or 45% for tax class 2a, 2b, 2c.

EXAMPLE OF A 1-3 FAMILY HOME

YEAR 1

YEAR 2

YEAR 3

Market Value
100,000
150,000
140,000

Assessed Value if increases were not capped
6,000
9,000
8,400

Assessed Value with Caps on Increases
6,000
6,360
6,741

Additional Information
Determining your market value
Determining your transitional value (Tax Class 2, 3, and 4 only)
Exemptions and Abatements