What is the meaning of Assessed Value?
Assessed Value refers to the assessment of the property for its monetary worth for the purpose of taxation. This price is known as its assessed value. The assessment is usually done annually keeping in mind common factors like the value of the property and other market conditions in the neighbourhood.
The assessment is done by various governmental agencies like Municipal Corporation for the application of property taxes as per its monetary value. The value is not used by the insurance companies for indemnification. Mostly this value is less than the market price of the property.