What is an Assesment?

What is an Assesment? - Definition
Typically an Assesment, or the assessed value of a property refers to the value assigned to the property by the town or county for the purpose of determining real estate taxes on a property.

It is important to note that while an assesment in suppose to be done at fair market value, an assesment in not done by a licensed real estate appraiser and is only used for tax purposes. While it may indicate value it would not be used by the bank to determine actuall market value of a propert.