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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


(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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Finally, although a seasoned assessment professional may have extensive knowledge of many of the concepts offered in Higher Education Assessments, there are some ideas that will help assessment professionals gain the support of senior leadership at their institutions.
Rather than require every department in the university to fill out risk assessment forms, GMU's EERMG members first identified which departments were most relevant to business continuity planning.
Presently, ADI provides web-based assessment applications in Idaho, Indiana and Mississippi for several of their state-wide summative assessment programs.
Classroom assessment practices of teachers connect curriculum, instructional mechanism and students learning outcomes, which is one of the essential elements of teaching learning process.
It was found that the secondary school teachers had a high perception towards alternative assessment but use of these technique is not at the level of perception.
Teachers may also use other alternative assessment techniques such as peer assessment and portfolio assessment.
The prevalent assessment system in Pakistan is based on internal and external assessment in majority of the medical colleges.2 National Accreditation and regulatory body's medical curriculum3 provides medical colleges with guideline of using 10% internal and 90% external assessment.
When performance tasks are combined with multiple-choice items and short-answer questions, large-scale assessments have the potential to measure a broader range of the standards and to assess what matters.
Writing centers, like so many educational programs at all levels throughout the world, have been living in the age of assessment for a number of years.
In July 2001, the Ministerial Council on Education, Employment, Training and Youth Affairs (MCEETYA) agreed to the development of assessment instruments and key performance measures for reporting on student skills, knowledge and understandings in primary science.

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