Taxable assessment is the portion of property assessment subject to taxation after accounting for any exemptions or exclusions. While most properties are fully taxable, some have partial exemptions—heritage properties may have portions exempt, properties qualifying for farmland status may have reduced taxable values, or properties with contamination issues may receive assessment relief. The taxable assessment determines the actual tax base from which property taxes are calculated. Total assessment minus exempt or excluded amounts equals taxable assessment. Understanding the distinction matters because reported assessment totals may differ from taxable assessment used for tax calculation. Policy changes affecting exemptions directly impact taxable assessment and tax distribution among remaining taxpayers.