Assessment growth refers to increases in a municipality's total assessed property value, typically from new construction, development, or property improvements rather than general market appreciation. When new homes, businesses, or expansions are built, they add to the tax base, generating additional property tax revenue without raising rates on existing properties. Municipal budget discussions often distinguish between assessment growth (which provides 'new' money) and market value increases (which may not increase total tax collected if rates are adjusted). Healthy assessment growth indicates economic development and helps municipalities fund expanded services for growing populations.