Glossary of Municipal Securities Terms

ASSESSED VALUATION OR ASSESSED VALUE

The appraised value of a property as set by a taxing authority for purposes of ad valorem taxation. The method of establishing assessed valuation varies from state to state. For example, in certain jurisdictions the assessed valuation is equal to the full or market value of the property; in other jurisdictions the assessed valuation is equal to a percentage of full or market value or is based on a base year market value, subject to limited permitted increases. See: AD VALOREM TAX; MILLAGE.

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