Which of the following refers to the official value assigned to property by a tax assessor?

The official value assigned to property by a tax assessor is known as assessed value. Property tax assessments are conducted to determine how much a property owner should pay in taxes based on the value of their property. This value may not necessarily reflect the market value, which is the price at which the property would sell in an open market scenario.

In the context of property taxes, the assessed value is typically a percentage of the market value and may be adjusted based on local tax regulations and assessor practices. This value provides a standardized measurement for taxation purposes, ensuring that property owners contribute equitably to local tax systems.

Appraisal value relates to a professional's estimate of the market value of a property, often used during buying or refinancing. Liquidation value is the estimated amount that property would sell for if it were to be quickly sold under less than ideal conditions, such as foreclosure, and does not relate to the official valuation for tax purposes.