Assessed value.

Assessed value. For the purpose of determining eligibility under section 8002(1) and 222.21, the following definition applies:
(1) The term means the value that is assigned to real property, for the purpose of generating local real property tax revenues for current expenditures (as defined in section 8013 of the Act), by a State or local official who is legally authorized to determine that assessed value.
(2) The term does not include -
(i) A value assigned to tax-exempt real property;
(ii) A value assigned to real property for the purpose of generating other types of revenues, such as payments in lieu of taxes (PILOTs);
(iii) Fair market value, or a percentage of fair market value, of real property unless that value was actually used to generate local real property tax revenues for current expenditures (as defined in section 8013); or
(iv) A value assigned to real property in a condemnation or other court proceeding, or a percentage of that value, unless that value was actually used to generate local real property tax revenues for current expenditures (as defined in section 8013).

Source

34 CFR § 222.20

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Scoping language

In addition to the terms referenced or defined in 222.2, the following definitions apply to this subpart:

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