Tax assessment
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Definition
A tax assessment is the value a local taxing authority assigns to a property when it calculates property tax. It is not an appraised value for a mortgage and not the tax bill itself.
In plain English
Property tax is the amount due. The tax assessment is the value used to compute that amount. Those two figures are easy to mix. A mortgage appraisal is a different opinion of value for the loan. This page is the tax-base figure.
Technical definition
CFPB describes property taxes as local charges based on the value of the property. The assessed value behind that charge is this concept.
Why it matters
Escrow analyses follow tax bills that start from an assessment. Confusing that assessment with an appraisal misreads LTV.
Related terms
Sources reviewed
Mortgage key terms
Source reviewedSeptember 4, 2026
Important note
A tax assessment is not a mortgage appraisal.
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