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Friday, April 14, 2006

Assessed value

The government's estimate of a property's value, which is used to calculate property taxes

Each county and state has its own formula to calculate property taxes, but for the most part, the assessed value is multiplied by the local tax rate. You will notice that the assessed value is not always equal to the actual value of a property. If you feel that your property taxes are too high, petition your local tax assessor to reconsider the assessed value.
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