What is the assessed value in property assessments?

The assessed value in property assessments refers to the estimated market value of taxable property. This value is crucial as it forms the basis for determining property taxes owed by the property owner. Assessors evaluate various aspects of the property, including its location, size, physical condition, and comparable sales in the area, to arrive at this market value.

Conversely, the estimated cost of selling the property does not directly influence the assessed value, as it may include transaction costs that are not relevant to tax assessment. The maintenance cost of the property pertains to ongoing expenses rather than the value determined for tax purposes, and thus is not considered in the assessment process. Additionally, the historical value of the property reflects its past worth and may not accurately represent its current market value, which is what the assessed value aims to capture. Therefore, the correct choice highlights the fundamental definition of assessed value within property assessment practice.