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Tax Assessment.

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    • Abstract:
      Tax assessment is a process through which local government representatives evaluate property in order to provide an estimation of its current value. This estimate is necessary so that the government can use it to calculate the amount of taxes due on the property. For example, a small town in a rural area might have in place annual property taxes of 0.05 percent. In order to know how much tax is owed by each homeowner, the government would need to know the value of each person’s property. A tax assessment agent would be sent out at scheduled intervals to examine the current state of the property and use standard formulas to estimate its worth. The value of the dwelling is then multiplied by the property tax rate to find the amount of tax due for the current year.