What is Assessed Value (AV)?

Assessed Value is the value subject to taxation.  AV is the lesser of either the Real Market Value (RMV) or Maximum Assessed Value (MAV). RMV is the value that an informed buyer would pay for a property on January 1st of any given year. The MAV was either established in 1997 or is established when certain events in law trigger the establishment of MAV. For Example, new improvements are built on a property or land is subdivided. Once established, MAV grows by 3% annually.