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 ?
The Comprehensive Assessment was only a one-off test of solvency, not of ongoing viability," Brereton said, adding that "the test of long-term viability is whether banks can generate sufficient returns to cover all their costs, including capital costs.
Irena Georgiadou, Chairwoman of the Hellenic Bank, said that "the Comprehensive Assessment results in a residual capital need of e1/4105 million under the adverse scenario for Hellenic Bank, which is fully in line with our capital raising actions.
5 billion of common equity in the second quarter of 2014 would have further strengthened the Bank s results in the Comprehensive Assessment.
Remuda's Comprehensive Assessment gives individuals seeking help with eating disorders a better way of getting the right treatment for their individual issues," said Joel Jahraus, MD, medical director of Remuda Life Programs.
At Lewiston-Auburn College, we have identified six different perspectives on the service learning experience that should be included in a comprehensive assessment package: student self-assessment, client assessment of student work, faculty assessment of students, student assessment of courses, faculty assessment of courses, and institutional assessment of service learning initiatives.
BNG Bank notes that the outcome of the Comprehensive Assessment is influenced by, amongst others, the standardised approach as used by European regulators.
The comprehensive assessment is a thorough review of the largest banks' balance sheets before the ECB takes up its banking supervision tasks in November 2014.
Wyoming is scrapping its Wyoming Comprehensive Assessment System this year and introducing a new system that offers formative and summative assessments.
This task force is to be congratulated for their careful thought and discussion on the development of assessment tools, for their diligence in preparing comprehensive assessment tools that can be utilized in part or as a whole, and for their time and effort in providing a valuable resource for studio teachers.
The study represents the largest follow-up ever conducted of convicted sex offenders after discharge from prison and provides the most comprehensive assessment of their behavior after release.
The Commission is funded by The Pew Charitable Trusts and composed of leading experts in child welfare, and was the first to undertake a comprehensive assessment of two key aspects of the foster care system--federal financing and the court system.
Annual assessments (AA8a=02) must be completed no later than 366 days after the completion date of the previous comprehensive assessment.

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