What is the value relation of the property under the ASL?

The correct answer highlights that the value relation of the property under the ASL (Assessment Level) indicates the proportion of the property's value that is used for taxation purposes. This means that the ASL reflects how much of the overall market value of a property is considered for tax assessments. If, for example, a property has a market value of $300,000 and the ASL is set at 70%, then the taxable value used for determining property tax would be $210,000. This proportion is critical for identifying how much tax revenue a local government can expect to generate from property taxes based on its assessed values.

Understanding this concept is vital for appraisers and assessors, as it directly influences tax policy and revenue generation in a community. The ASL provides a standardized measure to assess what value is effectively taxable, ensuring equity in the tax system among property owners.