What does assessed value typically used for?

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The assessed value is primarily utilized for tax assessment by government offices. This value is determined by local assessors and serves as a basis for calculating property taxes owed by property owners. Governments rely on the assessed value to ensure that property taxes are fairly distributed and reflect the worth of the properties within their jurisdiction. This system is designed to enable local governments to fund essential services such as schools, infrastructure, and emergency services.

In the context of the other choices, while assessed value may provide some insight for market comparison or investment decision-making, these do not encompass the primary purpose of assessed value. The focus on tax assessment underscores the governmental role in property valuation rather than private financial planning or evaluation for investment, making tax assessment the most accurate and relevant application of assessed value.

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