What is the primary purpose of property assessments?

The primary purpose of property assessments is to establish a basis for property taxation. Assessments provide a systematic way to evaluate the value of properties within a jurisdiction to ensure that tax burdens are fairly distributed among property owners. By determining the assessed value of properties, local governments can generate revenue that supports public services such as education, infrastructure, and emergency services.

While other options relate to property assessments, they do not capture the main intent behind them. For instance, determining the selling price of properties is more closely associated with market analysis rather than assessments, which focus on value for tax purposes. Similarly, evaluating properties for insurance purposes is a distinct process that aims to ascertain replacement costs rather than tax implications. Facilitating real estate transactions is also important, but property assessments are not primarily designed to support the negotiation or sale of real estate; rather, they play a critical role in funding community resources through taxation.