Which value is primarily based on a property's appraisal for taxing purposes?

The correct answer is assessed value. This term specifically refers to the value determined by a local tax assessor for the purpose of calculating property taxes. The assessed value is typically based on the appraised value of the property, but it may not reflect the current market value. Instead, it often involves an assessment ratio or a standardized calculation that can vary based on local regulations and policies governing property taxation.

Assessed value plays a critical role in property taxation, as it is the basis on which taxes are levied. Local governments regularly assess properties to ensure that taxes reflect the property's value accurately, allowing for consistent funding for public services.

In contrast, insured value pertains to the amount of coverage needed for an insurance policy and is unrelated to taxation. Investment value represents the value of a property to a specific investor and may differ based on personal investment criteria. Market value reflects the likely price a property would sell for in an open market, based on current buyer and seller conditions. However, market value and assessed value can differ significantly, as assessed value may not be updated as frequently or follow market trends closely.