I am in the process of buying a condo and I asked an estimate of the annual assessment tax.

The management showed me the latest assessment tax they paid, and the form also shows the "assessed value" of the condo unit.

My question is, how is this "assessed value" calculated? Does the government use a formula?

I am concerned because the property value from the bank was more than this "assessed value". The purchase price is close to the "assessed value". Did I get a good deal?

Thanks!