In real estate, what is an assessment primarily associated with?

An assessment in real estate is primarily associated with taxation because it refers to the determination of the value of a property for the purpose of calculating property taxes. Local government entities, typically assessors, evaluate properties to establish their assessed values, which are then used to determine the tax obligations for property owners. This process ensures that property taxes are levied fairly based on the value of the property.

Home equity, financing, and market sales are related concepts in real estate but do not directly pertain to the assessment process. Home equity reflects the owner's interest in the property, financing deals with how a property is purchased or mortgaged, and market sales relate to the transaction process of buying and selling properties. While these factors might influence a property's assessment indirectly, the primary purpose of an assessment is specifically tied to taxation.