Taxable value is the financial worth of a property assigned by the local governmental taxing authority to determine the basis or method of taxes paid.
The taxable value is rarely the market value of property or even the assessed value as the taxable value may have some exemptions (i.e Homestead Exemption) or some other factor that the local housing authority applies to determine the annual property taxes paid.
Every state has a different method for determining taxable value
Taxable value is NOT the same as market value and is not typically representative of what a property is actually worth at the current time if sold.
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