What is the Assessment Level (ASL) for Residential and Farm properties?

The Assessment Level (ASL) for Residential and Farm properties typically reflects the percentage of the market value that is used to determine the assessed value for property tax purposes. In many jurisdictions, this percentage is standardized to provide clarity and consistency across different types of properties, including residential and agricultural land.

In this context, an ASL of 25% for Residential and Farm properties suggests that the assessed value is set at a quarter of the property's market value. This is a commonly used benchmark in various assessment practices, making it easier for assessors, property owners, and stakeholders to understand property valuations.

A lower assessment level could indicate that properties are under-assessed relative to their market value, while a higher level might suggest over-assessment. The choice of 25% indicates a balance that allows for fair taxation based on market conditions without overwhelming property owners. Understanding this concept is crucial for appraisers and those involved in property assessment, as it affects both the revenue collected by local governments and the financial implications for property owners.