The assessed value of a property is the value set by an assessor in order to calculate property taxes. In general, assessments are tied to the market value of the property on a given date. There are three methods that an assessor may use in order to determine the assessed value. In the first method, the assessor determines how much it would cost to replace the property by building it in today’s market. In the second method, the assessor determines the amount of income a property owner may expect to receive after deducting insurance and taxes. Finally, an assessor may assign value to the property by comparing similar properties that have recently sold.