Assessed (Just) Value is defined as what?

• A. The market value
• B. A fair estimate of value determined by the county property appraiser each year
• C. The taxable value after exemptions
• D. The tax rate

Answer: (B)

Assessed value is the value the county property appraiser assigns for tax purposes each year. It’s a fair estimate of the property's value used to calculate property taxes. The term “just value” refers to market value—the price it would fetch in an open sale—which is related but not the value used directly for tax calculations. The taxable value, not the assessed value itself, is the assessed value minus any exemptions. The tax rate is a separate factor—the percentage applied to the taxable value to determine the tax bill. So the correct definition is the annual value determined by the county property appraiser for tax purposes.