What is the assessment ratio for a primary residence according to property tax regulations?

The assessment ratio for a primary residence is set at 4% according to standard property tax regulations in many jurisdictions. This percentage is utilized to determine the assessed value of a property for tax purposes, which may differ from its market value. By applying the 4% assessment ratio, homeowners effectively benefit from a lower taxable valuation, which can lead to reduced property tax liabilities.

This ratio is often designed to support homeownership by minimizing the tax burden on primary residences compared to investment properties. The establishment of a lower assessment ratio reflects a governmental policy aimed at stabilizing housing markets and enhancing affordability for residents.