What is a "property tax assessment"?

A "property tax assessment" refers specifically to the process of determining the value of a property for the purposes of calculating property taxes owed. This assessment is usually conducted by a local tax assessor, who evaluates factors such as the location, size, condition, and characteristics of the property, as well as recent sales of comparable properties in the area. The assigned value, often known as the assessed value, serves as a basis for the local government to levy taxes on the property.

Understanding property tax assessments is essential because they directly influence how much an owner pays annually in property taxes, which are used to fund local services such as schools, public safety, and infrastructure.

Other options do not accurately reflect the purpose or function of a property tax assessment. A report by a real estate agent focuses more on market value, a resolution passed by a local government pertains to governance rather than an assessment of property, and an evaluation for market selling price is related to buyer-seller transactions rather than taxation. Together, these details highlight the unique role of a property tax assessment within the broader framework of real estate valuation.