The Assessor determines the "actual" (market) value for all real and personal property. Actual value is then reduced by a percentage to drive the "assessed" value. For the 2023 Property Tax Year, the residential property assessment rate is 6.765%. For example, if a homeowner receives a Notice of Valuation from the Assessor stating that the actual value of their property is $530,000, its assessed value would be $36,850 rounded (530,000 x 0.06765). See FAQ "What are the assessment rates on all property types?" for the rest of the assessment rates.