What is the primary aim of property assessments?

The primary aim of property assessments is to determine the fair market value for tax purposes. This process involves evaluating properties to establish their value as of a specific date, which is critical for ensuring that property taxes are levied based on accurate and current valuations. By accurately assessing properties, local governments can equitably distribute the tax burden among property owners according to the value of their properties.

Fair market value serves as the foundation upon which property taxes are calculated. It reflects what a property would sell for in an open and competitive market, ensuring that each property owner pays a tax that is proportionate to the value of their property. This approach promotes fairness in the tax system and helps fund essential public services within the community.

While other aspects related to property assessments may involve reducing tax burdens, standardizing rates, or providing information for future sales, the essential purpose remains focused on establishing a reliable valuation for tax assessment purposes. Without accurate assessments of fair market value, the foundation for equitable taxation and funding for local services would be compromised.