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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 ?
Research has shown that performance-based assessments in technology and engineering education more accurately predict a student's ability to apply knowledge learned (Ernst, 2008).
There are important differences in how performance-based assessment is conceptualized in the literature and in textbooks.
In response to state and national reform mandates, Ball State University recently implemented a new teacher education program that incorporates state academic standards for students and teachers based on content and developmental standards approved by the Division of Professional Standards and performance-based assessment via digital portfolios (Mullen, Bauer, & Newbold, 2001).
Department of Education faculty plan to expand the developmental performance-based assessment continuum to include evaluation of the department's first year teachers' performance.
On the other hand, opponents of performance-based assessment contend that the problems associated with these methods are far more important than, and outweigh, the advantages (Frechtling, 1991).
Performance-based Assessment: This type of assessment requires that some type of performance ought to demonstrate one's ability to display the attainment of "levels or competence or knowledge by creating a product or (constructed) response" (Gunning, 1998, p.
We created a three-session program on assessment that included information on standardized tests, performance-based assessment, and portfolios.
Each lesson made a great performance-based assessment project.
Moreover, performance-based assessment should be used to track development; and students need to work together and work with others in the community toward producing relevant, impact-producing artifacts.
Performance-Based Assessment for Middle and High School Physical Education, 3rd Edition (online access included)

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