The cadastral value of a property is an estimate of its market value based on an appraisal. It is used by governments to assess taxes and other fees, including land transfer taxes, capital gains taxes, and annual property taxes, among others.
The cadastral value of a property is established through a tax appraisal. This process is done either by a qualified appraiser or, in some cases, by the town or municipality that holds the property. This assessment is typically made every five years by the local government.
The cadastral value can be used for a variety of objectives by the government, such as calculating the amounts of taxes and fees due on the property, determining the rates of land transfer taxes, and creating a baseline for assessing future values.
For homeowners, the cadastral value of a property can be an important means of understanding the current value of their property. Homeowners may use this information to assess their financial stability and determine whether or not they can afford to make upgrades or repairs.
The cadastral value of a property is an important number for governments and homeowners alike. It represents a qualified estimate of the property's market value and is used to assess taxes and determine how upgrades or repairs will affect the value of the property in the future.
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