What is typically the primary goal of property assessment?

The primary goal of property assessment is to establish the property value for tax purposes. This process ensures that property taxes are fairly distributed among property owners based on the assessed value of their properties. Local governments conduct assessments to determine the market value of properties in order to calculate the appropriate tax revenue needed for public services like schools, infrastructure, and emergency services.

Property assessments are typically performed by government assessors who evaluate various factors, including property size, location, condition, and comparable sales in the area. The assessed value that results from this process is crucial for the local taxing authority to ensure that the taxes collected reflect the value of the properties within their jurisdiction. This process is different from determining rental prices or sale prices, which are based on market conditions and individual seller circumstances, and does not involve direct calculations for maintenance costs, which pertain to the ongoing expenses of owning a property.