Assessed value
Your property tax is calculated from a dollar amount called Assessed value, which the local assessor determines. A fixed share of the home's market value is used in some states, such as 10% or 40%, while others use the entire amount. Your tax rate is applied to the amount remaining after exemptions are deducted.
Assessed value, appraised value and market value
| Term | What it is | Who sets it |
|---|---|---|
| Market value | The amount the home would probably sell for on the open market | Buyers and sellers |
| Appraised value | An assessor or lender estimates the market value on a specific date | Assessor, appraisal district or a lender's appraiser |
| Assessed value | Multiplying the appraised value by an assessment ratio set by the state, which may reach 100% | Assessor, by state law |
| Taxable value | The assessed value remaining after exemptions are deducted and any cap on annual increases is applied | Assessor, after your exemption filings |
Your assessed value does not change when a lender completes an appraisal for a sale or refinance. Only the assessor or an appeal can make such a change.
How each state sets assessed value
| State | Taxed on | Applies | Source |
|---|---|---|---|
| Alabama | 10% of appraised market value | Statewide | revenue.alabama.gov |
| Alaska | 100% of market value | Statewide | commerce.alaska.gov |
| Arizona | See the source | Statewide | sboe.az.gov |
| Arkansas | See the source | Statewide | dfa.arkansas.gov |
| California | Market value when ownership changes or new construction occurs | Statewide | California State Board of Equalization |
| Colorado | 6.8% local, 7.05% schools of actual value | Statewide | arl.colorado.gov |
| Connecticut | 70% of fair market value | Statewide | cga.ct.gov |
| Delaware | Fair market value at county's base year | Set locally | housedems.delaware.gov |
| District of Columbia | Assessed value divided by 100, times rate | Statewide | District of Columbia Office of Tax and Revenue |
| Florida | See the source | Statewide | Florida Department of Revenue |
| Georgia | 40% of the home's value | Statewide | dor.georgia.gov |
| Hawaii | Full fee simple value | Set locally, e.g. Honolulu | realproperty.honolulu.gov |
| Idaho | 100% of market value | Statewide | tax.idaho.gov |
| Illinois | 33 1/3% of market value; 10% in Cook | Statewide; Cook County differs | tax.illinois.gov |
| Indiana | Market-based value | Statewide | faqs.in.gov |
| Iowa | See the source | Statewide | revenue.iowa.gov |
| Kansas | 11.5% of market value for residential | Statewide | ksrevenue.gov |
| Kentucky | See the source | Statewide | Kentucky Department of Revenue |
| Louisiana | 10% of fair market value | Statewide | lla.la.gov |
| Maine | Local assessed value, adjusted by certified ratio | Statewide | maine.gov |
| Maryland | Current market value | Statewide | dat.maryland.gov |
| Massachusetts | 100% of market value | Statewide | Mass.gov |
| Michigan | See the source | Statewide | michigan.gov |
| Minnesota | See the source | Statewide | revenue.state.mn.us |
| Mississippi | 10% of true value for owner-occupied homes | Statewide | dor.ms.gov |
| Missouri | 19% of true value | Statewide | stc.mo.gov |
| Montana | Market value | Statewide | revenue.mt.gov |
| Nebraska | 100% of actual (market) value | Statewide | revenue.nebraska.gov |
| Nevada | 35% of taxable value | Statewide | tax.nv.gov |
| New Hampshire | Open market value as of April 1 | Statewide | revenue.nh.gov |
| New Jersey | See the source | Statewide | nj.gov |
| New Mexico | Net taxable value, based on full value | Statewide | tax.newmexico.gov |
| New York | Not always 100% of market value | Statewide | New York State Department of Taxation and Finance |
| North Carolina | See the source | Statewide | ncdor.gov |
| North Dakota | See the source | Statewide | tax.nd.gov |
| Ohio | See the source | Statewide | tax.ohio.gov |
| Oklahoma | 11% to 13.5% of value per subclass | Statewide | oklahoma.gov |
| Oregon | Lesser of market or maximum assessed value | Statewide | oregon.gov |
| Pennsylvania | County-chosen ratio, up to 100% of value | Set locally | rural.pa.gov |
| Rhode Island | Value set locally, as of December 31 | Set locally | tax.ri.gov |
| South Carolina | 4% ratio for legal residence | Statewide | dor.sc.gov |
| South Dakota | Market value; farmland valued on productivity | Statewide | dor.sd.gov |
| Tennessee | 25% of appraised value | Statewide | comptroller.tn.gov |
| Texas | Proportion of appraised value | Statewide | Texas Comptroller |
| Utah | 100% of fair market value | Statewide | kane.utah.gov |
| Vermont | See the source | Set locally | tax.vermont.gov |
| Virginia | 100% of fair market value | Statewide; revaluation cycle set locally | tax.virginia.gov |
| Washington | 100% of true and fair market value | Statewide | dor.wa.gov |
| West Virginia | 60% of fair market value | Statewide | tax.wv.gov |
| Wisconsin | Market value, within 90% to 110% | Statewide | revenue.wi.gov |
| Wyoming | 9.5% of market value | Statewide | wyo-prop-div.wyo.gov |
If your assessed value looks too high
Visit the assessor's site and find your home's record. Then review the basics: the home's square footage, number of bedrooms and bathrooms, and lot size. Correcting the record is the easiest solution, and a phone call often resolves it. When the record is correct and similar homes sold for less than the amount, you may appeal. The appeal window is short in each state, and the appeal deadlines page lists it.