In short: This guide explains notice of value in plain English — what it means, what actually decides it, and what to do next — so you can understand notice of value without wading through a county PDF.
A notice of value is the letter your county assessor mails you once a year to say what they think your home is worth for tax purposes. It is not a bill. You do not owe money the day it arrives.
However, it is the single most important piece of mail you will get about your property taxes, because the number printed on it is the starting point for the tax bill that shows up months later. Many homeowners set it aside, assume nothing can be done, and only react when the bill lands. By then the window to challenge that number has usually closed. So let us walk through exactly what this notice is telling you.
What a notice of value actually says
Different places use different names. You may see “notice of valuation,” “notice of assessment,” “notice of assessed value,” or “notice of proposed taxes.” They all do the same job. Your assessor is telling you the value they have placed on your property for the coming tax year.
Two numbers matter most. Market value is the assessor’s estimate of what your home would sell for. Assessed value is the number your tax is actually calculated on. In many states the assessed value is only a percentage of market value, and that percentage is set by state law. In others they are the same. Your notice of value should show both, or show which one applies to you.
You may also see a classification, such as residential or agricultural. That matters, because classification can change how your property is treated. If your home is classed wrong, that is worth a phone call.
How the notice of value turns into a tax bill
Your value is only half the math. The other half is the rate, and a different set of offices sets that. Your county, city, school district, and special districts each decide how much money they need. That total is called the levy. The levy divided among all the taxable value in the area produces a rate, often expressed as a mill rate or millage — one mill is one dollar of tax for every thousand dollars of taxable value.
Here is who does what.
| Step | Who does it | What you get |
|---|---|---|
| 1. Value your property | County assessor or appraisal district | Your notice of value |
| 2. Subtract exemptions you qualify for | Assessor, based on your application | Lower taxable value |
| 3. Set budgets and the levy | County, city, school district, special districts | Public budget hearings |
| 4. Apply the rate to your taxable value | Auditor or clerk | The rate on your bill |
| 5. Mail and collect the bill | Treasurer or tax collector | Your actual tax bill |
This is why your value can rise while your bill barely moves, or stay flat while your bill jumps. For example, if every home in your county rose in value by the same amount, rates could fall and bills might hold steady. As a result, the notice of value alone does not tell you what you will owe.
The two clocks on your notice of value
This is where homeowners lose real money, so read it twice. There are two separate deadlines, and they are almost never the same date.
The appeal deadline is your window to challenge the value on the notice. In most cases it is counted in days from the date the notice was mailed, not from the date you opened it. It is usually short. Miss it and you are generally locked into that value for the year.
The exemption application deadline is different. A homestead exemption reduces the taxable value of the home you actually live in. There are often others for seniors, veterans, people with disabilities, and low-income owners. Each has its own filing date. Watching the appeal clock while the exemption clock runs out is a common and expensive mistake.
Both dates are set locally. Your county assessor controls them — confirm the exact dates with them, and check the notice of value itself, which usually prints the appeal deadline right on it.
What to do the week your notice of value arrives
Start by checking the facts. Your notice of value, or the assessor’s property record online, should list your square footage, bedroom and bathroom count, lot size, and any garage or finished basement. Errors are common. If the record says you have a finished basement and you do not, that is a straightforward correction.
Next, ask whether the market value is realistic. Would your home truly sell for that today? Look at what similar homes nearby actually sold for around the assessor’s valuation date. Assessors generally value everything as of one fixed date, so a sale from last month may not count.
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Then confirm every exemption you qualify for is showing. Many homeowners never file for a homestead exemption they were entitled to for years. Call the assessor and ask directly: “Which exemptions am I currently receiving, and which might I qualify for?”
Finally, remember the numbers reset. Values, rates, median bills, and exemption amounts change every single year, and relief laws change continuously. As a national reference point only, the average U.S. property tax bill runs roughly $4,271 per year, per Census and NAHB data — but that figure says nothing about your county. Any estimate you make is illustrative, and every property is different.
Frequently Asked Questions
Is a notice of value the same thing as my tax bill?
No. The notice of value comes from the assessor and shows your property’s value. Your bill comes later, usually from the treasurer or tax collector, after rates are set.
My value went up. Does that mean my taxes are going up?
Not necessarily. Rates can fall when values rise across the board. However, if your value rose faster than your neighbors’, your share of the bill usually does increase.
I pay through escrow. Does this still matter to me?
Yes. Escrow is just an account your lender uses to pay the tax for you, and they collect it from you through your monthly payment. A higher bill means a higher monthly payment later, so it is still your money.
What if I already missed the appeal deadline?
You usually have to wait for next year’s notice. However, exemption filings, factual corrections, and hardship programs sometimes run on separate timelines. Call your county assessor and ask what is still open to you.
Two Free Tools Before You Do Anything Else
Most homeowners can do this themselves, and it costs nothing. Start by finding out whether the assessor actually has your home valued too high — then find out how many days you have left to file, because that is the part people miss.
Property tax is not the only home cost worth a second look — many homeowners are also overpaying for home insurance. Compare at Home Insure Guide.
Sources & How to Verify
The rules in this guide on notice of value come from official and authoritative sources. Property tax rates, median bills, and exemption amounts reset every year, and they vary by state, county, and school district — so always confirm the current figure, any exemption, and above all any deadline with your county assessor before you act:
- Tax Foundation: taxfoundation.org — property taxes by state and county.
- U.S. Census Bureau: census.gov — median property tax paid and home values.
- Lincoln Institute of Land Policy: lincolninst.edu — the standing 50-state property tax research.
- IAAO: iaao.org — the standards assessors are supposed to value property by.
- Your county assessor and state Department of Revenue: the only place your exact rate, exemption, and deadline are official.
Verified July 2026. Rates and exemption amounts reset every year; if you spot anything outdated, please contact us.
Related Notice Of Value Guides
More guides related to notice of value:
- Are You Overpaying? Free Over-Assessment Check
- Property Tax Exemption Finder — What You Qualify For
- Your County’s Verified Appeal Deadline
- Property Tax Calculator — Any County
- Property Tax by State
- Property Tax by County
Disclaimer. This page is for general information only and is not legal, tax, or financial advice. Know Property Tax is an independent educational resource — we are not a government agency, a county assessor, a law firm, or a tax-appeal service. Property tax rates, exemption amounts, and deadlines change every year and vary by state, county, and school district, and any estimate is an illustration, not a prediction. Confirm your rate, any exemption, and above all any deadline with your county assessor before you act.