Assessed Valuation Law and Legal Definition
Assessed valuation refers to an assessment of property values, by a unit of government, for purposes of taxation.
The following is a state law that provides a statutory framework regarding assessed valuation:
Whenever the assessed valuation of real or personal property within the county has been increased by 10 percent or more over the prior year's valuation, either by an order of the state tax commission or by other action, and such increase is made after the rate of levy has been determined and levied by the county court, city council, school board, township board or other bodies legally authorized to make levies, and certified to the county clerk, then such taxing authorities shall immediately revise and lower the rates of levy to the extent necessary to produce from all taxable property substantially the same amount of taxes as previously estimated to be produced by the original levy. [§ 137.073 R.S.Mo.].