What is the term for the valuation placed on property by a public tax assessor for taxation purposes?

The term used to describe the valuation assigned to property by a public tax assessor for taxation purposes is known as assessed value. This value is determined based on a standardized analysis of the property's characteristics, market conditions, and other relevant factors to ensure a fair and consistent basis for property taxes.

Assessed value is essential because it directly affects the amount of property taxes owed by the property owner. Tax assessors periodically assess properties to account for changes in market conditions and property characteristics, which is important for maintaining accurate taxation.

Other terms like market value refer to the price at which a property would sell in a competitive and open market and can fluctuate based on supply and demand, whereas fair value typically pertains to a measure of an asset's worth that reflects its current market conditions without necessarily being tied to taxation. Liquid assets are a classification of assets that can be quickly converted to cash, which is not directly relevant to property valuation.