Definition - What does Assessed Value mean?
An assessed value is a monetary value that is given to real property by a government authority. This value is given in order to have a value to use for property tax purposes. Property tax amounts correspond to the value of the actual property. So, assessed values help the government figure out what the taxes should be on a piece of property.
Justipedia explains Assessed Value
In order to get the assessed value for a property, the government reviews a number of home sales and inspections. From the information it gathers, it can assign a value to the property. This number, however, is usually lower than the fair market value of the property. The fair market value is the amount of money that the owner of the property could reasonably expect to get if he or she were to sell the property on the real estate market.