Assessment

The process by which a government municipality determines the assessed value ( www.practicallaw.com/7-567-0246) of a property when calculating the property's real estate taxes. The methodology that a particular government municipality applies in making its assessment varies based on the jurisdiction and the property type. How often assessments are conducted depends on where the property is located. Certain events, such as a sale or the significant improvement of the property, trigger a new assessment on the property.

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