What is a real estate tax assessment?

@juston 

A real estate tax assessment is the process used by government agencies to determine the value of a property for taxation purposes. It involves evaluating the fair market value of a property, which is the estimated price it would sell for on the open market. The assessment is typically conducted by a local tax authority or assessor's office and is used to calculate the property taxes owed by the owner. The assessment may take into account factors such as the property's size, location, improvements, and comparable sales in the area.