Assessor: What Do They Do and Why Is It Important? 

What is an assessor?

An assessor is a government official who determines the value of a property for local taxes. 

Assessors typically assess all real property in a city or town, including properties in use, in a state of disrepair, or vacant. Assessors make the assessments at a uniform percentage of market value. They record all these details (like market value, taxation, physical description, and inventory) in an assessment roll. 

What role do assessors play in taxation?

Depending on the property type, assessors make annual assessments or once in three or four years. This is decided based on the physical condition of the property and the value of surrounding properties. 

Assessors determine the fair market value of property, which is the price that buyers and sellers agree upon in the open market. Municipalities then decide the property tax rates based on the assessed value. Local governments use the revenue from property taxes to make neighborhood improvements and fund essential services including water, schools, public infrastructure like roads, and other community development efforts. 

As StellarFi reports all your on-time monthly bill payments to all major bureaus, your credit score gets higher each time a bill is paid on time!

StellarFinance, Inc. does not necessarily constitute or imply its endorsement, recommendation or favoring, sponsorship, or representation in reference to any specific company, products, processes, or services by trade name, trademark, manufacturer, or otherwise in this article. StellarFinance, Inc. and its affiliates do not provide financial, tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own financial, tax, legal and accounting advisors before engaging in any transaction.