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English to Polish translations [PRO] Bus/Financial - Law: Taxation & Customs / podatki od nieruchomości
English term or phrase:Assessed Value
A property’s assessed value is a percentage of its market value. By law, the assessed value of a class 1 property cannot increase by more than 6% per year or 20% over five years, unless the value increases are due to new construction or renovations. In addition, your assessed value cannot exceed 6% of your home’s market value.
An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes.
In general, the assessed value tends to be lower than the appraisal fair market value of property.
BREAKING DOWN 'Assessed Value'
The assessed value of real estate or personal property is only used for measuring the applicable property tax, also known as an ad valorem tax. A government assessor is responsible for assigning the assessed value. Government assessors are usually designated by specified tax districts. Each tax region has different procedures for calculating assessed value however the basic standards are primarily the same. https://www.investopedia.com/terms/a/assessedvalue.asp