What does the term AV stand for in property assessment?

The term AV in property assessment stands for Assessed Value. This is a crucial concept within property taxation and appraisal because it refers to the dollar value assigned to a property for the purpose of taxation. Assessed Value is typically determined by local government assessors and is used as a basis for calculating property taxes.

In most jurisdictions, the Assessed Value is often a percentage of the property's market value, which is determined through various methods including comparable sales, income capitalization, or cost approach. This method aims to ensure fairness and consistency in property taxation within the community.

Understanding Assessed Value is essential for property owners, real estate professionals, and appraisers as it directly affects the amount of property tax a homeowner will pay each year. It can also influence decisions related to buying, selling, or refinancing properties. Thus, recognizing AV as Assessed Value is important for anyone involved in property management or appraisal, ensuring compliance with local tax laws and a clear understanding of property values in the market.