What type of value refers to the taxation purposes of a property?

The correct choice is assessed value, which refers to a property's value as determined for tax purposes. This value is used by municipalities to calculate property taxes owed by the owner. It is typically established by local tax assessors who consider various factors, including current market conditions, property characteristics, and improvements made to the property.

Assessed value can differ significantly from market value, which represents the price a buyer is willing to pay in an open market transaction. While market value fluctuates with demand and supply, assessed value is often based on standardized guidelines and may not reflect current market trends.

Investment value relates to the value of a property from the perspective of an investor and is influenced by factors such as projected cash flows and investment returns, which are not directly linked to taxation. Insurable value, on the other hand, pertains to the value of a property as it relates to coverage for insurance purposes, focusing on the cost to repair or replace the property rather than its tax-related valuation.

Understanding assessed value is crucial for property owners since it directly affects their tax liabilities, making it an essential aspect of property management and investment decisions.