Standards for property assessment are specified by the states and must be followed by the local assessment authorities as values are placed on real and personal property. Examples of value standards are fair market value, cost value, and acquisition value. In most states, the standard of value is fair market value. Some states then apply assessment ratios, often varying by class of property, to the value standard to result in the taxable assessed value. The table includes the standard of value for real and personal property and the assessment ratio(s) established by each state.