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The assigned value used by the property appraiser for ad valorem tax purposes is known as assessed value. This value is determined through an assessment process conducted by local property appraisers and is often based on the market value of the property, but it may not reflect the market value directly.

The assessed value is significant because it serves as the basis for calculating property taxes. Typically, properties are assessed at a percentage of their market value, which can vary from one jurisdiction to another. This assessment is conducted annually or periodically, and it helps ensure that property taxes are distributed fairly among property owners based on the relative value of their properties.

Market value represents what a property would sell for in an open market, while fair market value considers what a knowledgeable buyer would be willing to pay. Taxable value generally refers to the assessed value after any exemptions have been applied, and while related, it is not the primary value assigned by appraisers for ad valorem taxes.