Home Foreclosures: 16.2.1 Property Assessment
The first step in the taxation process is the determination or assessment of the value of the real property, in accordance with the method of valuation used in the jurisdiction. Some jurisdictions assess at full value while others use a percentage of full value.11 It should be noted, however, that merely because property is assessed at full value for tax purposes does not mean that the actual tax is higher than the tax in a jurisdiction using a percentage assessment. It is the tax rate that determines the amount of the tax.