An assessed value that is not statutorily at 100 percent of market value is known as what type of assessment?

An assessed value that is not statutorily at 100 percent of market value is referred to as a fractional assessment. This type of assessment indicates that the assessed value represents only a portion of the market value, rather than a full or complete reflection. For example, if a property has an assessed value that is 80 percent of its market value, this would be considered a fractional assessment.

This method is often used to manage property tax revenues and may vary from one jurisdiction to another based on local laws and regulations. While other assessment methods might involve adjustments for equalization or specific determinations based on property features or conditions, fractional assessments specifically indicate the relationship between assessed value and market value being less than complete, thereby requiring a clear understanding of how property taxes are calculated and how they might differ from the actual market conditions.