What is a key factor in determining property tax amounts?

The assessed value of the property is a crucial component in determining property tax amounts because property taxes are typically calculated as a percentage of this assessed value. The assessed value represents the government's estimate of the property's worth, which is determined through various assessment methodologies. This figure directly influences how much tax a property owner will owe, as tax rates are applied to the assessed value to calculate the total tax liability.

While factors like location, market trends, and type of property can influence the assessed value, they do not determine the amount owed in taxes directly. Instead, they play a role in how the assessor arrives at that final assessed value. Thus, the assessed value serves as the basis on which property taxes are levied.