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Market vs. Assessed Tax Values
The market and assessed values are interrelated with one another. An estimated annual tax value can be calculated by multiplying the market value by the tax rate for the particular city (find them on NorthStar's website here) and then adding in any special assessments that are associated with the property (these can be found on the auditor sites above).
Please use this link from the Cuyahoga County Auditor's site to calculate your property taxes.
Assessed value is the value placed on a property by the town or city's assessor's office for the purpose of determining the property tax due. The combined assessed value of all the town properties is then used to calculate what the tax rate will be (www.zillow.com).
Market value is simply the price at which something will sell within a reasonable period of time. In a normal or average real estate market, "reasonable" means one to three months (www.creonline.com). If you take the market value and divide it by 35%, you get the assessed value.
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