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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.


(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 fact is continuous process improvement is happening at Reserve locations all around the country.
Although continuous process improvement poses potential risks, auditors should rise to the challenge raised by a changing and dynamic environment.
It's critical that everyone accept and embrace continuous process improvement and the resulting changes.
It also offers 'actionable insight' for remediating day-to-day operational issues while creating sustained competitive advantage through continuous process improvements.
We have pockets of continuous process improvement using tools like Lean at our air logistics centers," he said.
Wachovia worked with DataSynapse to virtualize its most critical transactional applications as part of a multi-phase, multi-year initiative for continuous process improvement.
Boodle Hatfield is a firm with a very strong heritage that remains committed to excellence and continuous process improvement.

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