How is the current year aggregate assessed value determined?

The determination of the current year aggregate assessed value involves evaluating the overall worth of properties within a municipality for the taxation purpose. The correct approach involves dividing the current year aggregate assessed value (AV) by the developed average total value (TV). This calculation allows tax assessors to understand how properties are valued in relation to their market conditions and ensures that assessments reflect real property values accurately.

When assessors use this method, they create a clearer picture of how properties are valued in the current year, allowing for more accurate tax assessments based on the most relevant financial data. This approach focuses on a comprehensive assessment of property values including variations due to market fluctuations or changes in property use, rather than relying solely on past assessments or averages from previous years, which may not accurately represent the current market conditions.

The other approaches mentioned would not provide a comprehensive or accurate method for determining the current year aggregate assessed value. For instance, averaging previous years' values or only relying on prior year assessments does not account for changes that may have occurred in the property market, such as new construction or economic shifts. Calculating only new constructions also fails to consider the entirety of the assessed properties which can lead to an incomplete or skewed valuation. Hence, dividing the aggregate assessed value by the