ShmoopTube
Where Monty Python meets your 10th grade teacher.
Search Thousands of Shmoop Videos
International Videos 92 videos
What is the Advance Decline Ratio? The advance decline ratio is used to determine how the market performed on a given day. It does this by comparin...
What is the Dow Jones Industrial Average? The Dow Jones Industrial Average is usually just called the Dow. It’s an average of 30 of the most well...
What is a Country Basket (Index Fund)? Investing internationally can be a challenge, as foreign exchange, different accounting rules, time zones an...
Finance: What is Assessed Value? 6 Views
Share It!
Description:
What is Assessed Value? Assessed value is used to determine a piece of real estate’s tax liability. An assessor measures what the property is worth and that value is used to calculate property taxes.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Bonds
- Terms and Concepts / Careers
- Terms and Concepts / Company Management
- Terms and Concepts / Company Valuation
- Terms and Concepts / Derivatives
- Terms and Concepts / International
- Terms and Concepts / Investing
- Terms and Concepts / Stocks
- Terms and Concepts / Tax
- Terms and Concepts / Trading
- Terms and Concepts / Trusts and Estates
Transcript
- 00:00
finance a la shmoop what is assessed value well here's ass value, here's asset value.. [Ass eating grass and a house for sale]
- 00:10
that is if you own a home, there really two prices attached to it..
- 00:15
The price you pay for it, or can sell it for, that's the market value of your asset, your
- 00:21
home, and what your home is officially worth according to the government, well that's the assessed value..
- 00:29
the government assessed that your home was in fact worth $412,932
Full Transcript
- 00:33
why two sets of house prices well to
- 00:38
keep things you know interesting and to get you to pay your taxes your state [Uncle Sam walks in on man in office]
- 00:42
charges you property tax just for the privilege of living in the state they
- 00:48
charge more for the guy living in the McMansion than they do for the guy
- 00:51
living in the one bedroom bungalow usually but they still need to figure [Large mansion and small bungalow]
- 00:55
out who pays what each state has a little different taxation system and some
- 01:00
states use a formula based on what you paid for the house or what your house is
- 01:04
accessed or perceived value is in California for example you pony up one
- 01:10
point two five percent of the purchase price the price you paid for your home
- 01:14
within some subsequent adjustments for inflation over time that's the rate pay [Inflation chart over time]
- 01:19
based on the purchase price the market price in other states the value of the
- 01:23
house carries an assessed value that is an assessor takes a look at your home
- 01:28
every so often and comes up with a dollar figure of what they guess the [Assessor person beside the assessed property]
- 01:32
house is well officially worth for tax purposes usually that number is lower
- 01:37
than what you actually paid for your house or what it would get if you would
- 01:41
sell it in the marketplace you know if you whine loud enough the assessor may
- 01:45
make an adjustment so that for at least that year your tax bill can come down [Man celebrates with assessor]
- 01:49
yeah whining about taxes it can have its benefits people and all that whining
- 01:53
yeah it'll make you feel like one of these guys
Related Videos
GED Social Studies 1.1 Civics and Government
What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...
What's a dividend? At will, the board of directors can pay a dividend on common stock. Usually, that payout is some percentage less than 100 of ear...
How are risk and reward related? Take more risk, expect more reward. A lottery ticket might be worth a billion dollars, but if the odds are one in...