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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 RTA Solo was designed and built at Optare's facility in Sherburn, near Leeds in the UK.
RTA's old system could only create up to 3,000 plates per day, meaning the automated system will significantly increase RTA's throughput.
With regard to the first challenge, recent research by the WTO Secretariat suggests that for some provisions, the divergence may be less marked as RTAs generally tend to reiterate WTO rules.
RTA invites its fellow Atlantans to join them as they make a sustainable community impact by revitalizing low-income homes.
Distal RTA (type 1) is the most common form of primary RTA in most Western countries.
Secretary RTA has appealed to public to cooperate with authority and avoid parking their vehicles on roads and parks because disorderly parking is increasing the traffic problems.
The present study examines the impact of RTA on inmates' engagement in voluntary educational programs.
It's a well known fact that the RTA gets a lot of flak.
Secondly, trade diversion effects of RTA preferences can lead to welfare losses for members outside the RTAs.
said it will merge the sales and marketing operations of Studio RTA with those of Sauder's ready-to-assemble furniture business unit.
Sauder said it plans to maintain the Studio RTA brand and keep operations intact, with all employees staying in their current jobs.