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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 ?
The results of questions aimed at finding out the level of the use of each component of process management can lead to a conclusion that managers of Czech enterprises attach great importance to the use of the following components: continuous process improvement, definition of core processes, definition of customers and process owners and process performance measurement.
This persistency of self-improvement drives a culture of continuous process improvement, reinforces productive behaviors, and mitigates unproductive ones.
The 919th Special Operations Wing at Duke Field, Fla., is another AFRC wing that has embraced continuous process improvement. A recent AFS021 event there led to the establishment of super unit training assemblies to help Reservists get more bang for their training buck
Real cultural change can only be achieved if the Air Force learns and applies the right lessons from observing successful Lean organizations in implementing transformational continuous process improvement.
Instead, it relies on continuous process improvement through iterative cycles of refinement and optimization.
A big step in that direction, he said, is to work to embed the continuous process improvement and Lean Six Sigma mindset throughout the department.
I appreciate the Department of Defense organizing this Continuous Process Improvement Symposium.
It is too late to suggest how to initiate the program, but it is not too late to bring awareness to possible stumbling points in sustaining a long-term culture of continuous process improvement. Furthermore, it is about changing the culture, which requires a balance between the parts of the organization.
It would be easy to highlight numerous other instances of continuous process improvement that have yielded similar results.
Transportation Command), the use of active and passive radio frequency identification technologies, and "the implementation of continuous process improvement tools like Lean, Six Sigma and Performance Based Logistics."
Continuous process improvement: From Devronizer to DaVinci, by Terry Miller, SCA Tissue North America

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