What does assessed value mean?

The assessed value is the value of the property (land value) plus the value of any buildings or other improvements that were done to the property (improvement value). The sum total of these two things is the total assessed property value. The assessed value may change year over year depending on the county, but is frequently updated as part of an appraiser’s assessment when a sale takes place or a house on the property is being renovated, requiring permitting.