Assessed Or Rateable Or Taxable Value

What is an assessed, rateable or taxable value?

An assessed, rateable, or taxable value refers to the assigned value of an asset determined by your local government. It's often a percentage of the asset’s market value. This figure is then used in determining the amount owed in property taxes. 

Is assessed value the same as market value? 

An assessed value is not the same as a market value as they are used for different purposes. Market value is instead simply used to determine the buying and selling prices of assets such as a  property. The assessed value is typically lower than the market value as it's calculated as a percentage of it. 

How is the assessable value of a property calculated? 

The assessable value is determined through factors such as the property’s size, location, condition, and other relevant attributes. The assessment process may involve comparing your property to similar ones in the area to establish a fair and consistent value. To calculate your home's assessable value, you can check your property tax assessment notice or visit your local tax assessor's office.