Property
Assessed Value
The value a county assessor assigns to a property for tax purposes.
Assessed value is a tax figure, not a market appraisal. Depending on state rules it may lag the market by years or be capped by law.
Comparing an opening bid with assessed value does not tell you equity or profit. Condition, title, access, and occupancy all matter.
How it works by state
- California
- Proposition 13 limits annual increases, so long-held California properties can be assessed far below market value.
- Florida
- Florida homestead properties have their assessed value increases capped (Save Our Homes), so assessed and market value can diverge.
- Michigan
- Michigan has assessed value, state equalized value (about half of market value), and taxable value, which is capped while ownership stays the same.
General information, reviewed 2026-10-12. Not legal advice. Rules change and each county publishes its own sale terms; confirm with the county before bidding.
Related terms
- Opening BidThe lowest bid a county will accept for a parcel at a tax sale.
- Parcel NumberThe unique ID a county assigns to a piece of land. Also called APN (Assessor's Parcel Number), PIN, or folio number.
- Market ValueThe price a property would likely bring in an open, informed sale between a willing buyer and seller.