While assessed value is the value, or worth, of the home determined by the tax assessor, taxable value is similar but slightly different.

Taxable value is the value of the property that a property owner actually ends up paying tax on.

In some cases, the assessed value and taxable value may end up being the same, however, depending on the location of the property, the taxable value may be lower due to additional adjustments or exemptions that the owner qualifies/applies for.