assessment

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Assess

1. To estimate the value of a property, especially for property tax purposes. For example, a county may send an assessor to one's house to assess its value and base the property tax one owes on that assessment.

2. To decide the cost of something. For example, an insurance company may assess the damage of a house fire at $120,000 and agree to pay that much toward repairs. Alternatively, the government may assess that one owes $50,000 in income tax based upon one's income the previous year.

Tax Assessment

The determination of how much a person or company owes in taxes. One usually determines one's own tax assessment by declaring one's income and capital gains from the previous year and applying the methodology the government requires to arrive at the tax liability. The government has the right to audit any tax assessment.

assessment

(1) The official valuation of property for tax purposes. (2) A one-time charge made against property owners for each one's pro rata share of the expense of repairs or improvements to be enjoyed by all of them in common,such as a condo association assessment to replace a roof,or a local government assessment to pave a dirt road. (3) Determination of the value of property in a condemnation case.

References in periodicals archive ?
Reassurance about the security of lifetime payments: If desired, the insurance company providing the CGA reinsurance can make annuity payments directly to the donor.
They found that CGA was not only effective in preventing weight gain, but it also helped maintain normal blood sugar levels and healthy liver composition.
Partnering with the CGA strengthens members' CSR strategies, cuts costs, gives a single point of contact for golf events across the country and improves brand reach and awareness while maximizing the giving to community based non-profits.
CGA exhibits are clearly visible at major industry trade shows such as UCT and ICUEE.
The season-long promotion is made possible through the financial support of ten CGA members - Alabama 811, Caterpillar, Duke Energy, Georgia 811, Indiana 811, Kentucky 811, Ohio Utilities Protection Service, Paradigm Public Awareness Programs, Tennessee 811 and United States Infrastructure Corporation.
A recent report published by the National Transportation Safety Board (NTSB) cites the CGA Best Practices as a guide to preventing damage to underground utilities.
CGA represents over 500 retail members who operate more than 6,000 food stores in California and Nevada, and 300 grocery supplier companies.
The data will enable CGA to assess the effectiveness of damage prevention campaigns and to quantify costs associated with incidents that damage buried utilities.
Established in 2000, CGA is committed to saving lives and preventing damage to underground infrastructure by promoting effective damage prevention practices.
Recognizing excavating companies are highly mobile," Danny Barrett of AT&T, a member of the CGA and NTDPC, "the Southeast Underground Facility Protection Council, a regional extension of the NTDPC, began researching three-digit dialing in 1999, and by June 2000, AT&T Wireless, BellSouth Mobility and Sprint PCS deployed `#DIG' in seven test cities--Atlanta, Charlotte, Denver, Los Angeles, Miami, Orlando and New York City.
1, 2006, the CGA was modified to defer any supply costs that would increase CGA rates by more than 40% above those in effect Nov.