A notice you receive from the County Assessor for real estate you own telling you how much they have appraised your property for for calculating how much property tax you will owe. The value is usually in two parts... one value for the land and another value for the house (improvements). The tax assessor is often high or low, and you can appeal the value if you think it is high. If successful in lowering the appraised value through the appeal, it will lower your property taxes.