A property tax assessment is the process by which local governments determine the value of a property for tax purposes. This value is used to calculate how much tax the property owner will owe each year. Assessors consider various factors, including the property's size, location, and condition, as well as recent sales of similar properties in the area. Once the assessment is complete, property owners receive a notice detailing the assessed value. If they believe the assessment is inaccurate, they can appeal the decision through a formal process. This ensures that property taxes are fair and based on current market conditions.