Business, Legal & Accounting Glossary
v. to set a value on property, usually for the purpose of calculating real property taxes. The assessed value is multiplied by the tax rate to determine the annual tax bill. This function is usually performed by employees of the County Assessor. In California, under Proposition 13, the new assessment can only take place upon sale of real property.
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This glossary post was last updated: 26th April, 2020 | 1 Views.