What is the Assessment Level (ASL) for Commercial and Industrial properties?

The Assessment Level (ASL) for Commercial and Industrial properties is 40%. The ASL represents the percentage of the property's market value that is included in the assessor's valuation for property tax purposes. In this context, the ASL of 40% indicates that the assessed value of commercial and industrial properties is set at 40% of their market value, which is a common practice in many jurisdictions to ensure that tax assessments are equitable and reflective of current market conditions. This specific ASL helps to determine the property tax liabilities for owners of commercial and industrial assets, ensuring that they contribute a fair share to public revenues in line with their actual market worth.