Assessed value is the dollar amount assigned to a property by a local government assessor to calculate property taxes, typically representing a percentage (often 20% to 50%) of its fair market value. It is used to determine tax liability, not the price a home would sell for on the open market. Assessors determine this based on market trends, comparable sales, property size, and structural improvements. In many areas, this is a fixed percentage, such as 50% of the calculated market value. Follow @nancyangelorealestate for buyer and seller tips! 🤌🏽🏡 Nancy E. Angelo MBA,GRI Licensed Real Estate Associate Broker Miranda Real Estate Group, Inc. 1482 Rt. 9, Clifton Park, NY 📍 (518)210-7084 ☎️  NancyAngeloRealEstate@gmail.com LTKHome