Assessed value

{
  "id": "MLC-T-LAW-000582",
  "term": "Assessed value",
  "field": "Law",
  "definition": "The monetary worth assigned to a property, such as real estate or personal property, for the specific purpose of calculating and levying taxes. This valuation is determined by a government tax assessor and is distinct from the property's market value or appraised value, which reflect what the property might sell for. The assessed value is multiplied by the local tax rate, or millage rate, to determine the property tax owed by the owner.",
  "url": "https://mlchart.com/terminology/law/assessed-value/"
}