Assess

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Assess

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.
References in periodicals archive ?
The Assessor kept the assessed value at the 1992/93 level.
Certainly, in a depressed market, owners who provide an accurate picture of the declining economics of their properties to the Assessor are most likely to enjoy the most accurate assessed values.
In addition, it is asking for changes in the way cooperative and condominium apartments are assessed so that this process reflects market rental values.
Thus, while the question is assessed at the lowest possible level at which the student can answer it, the answer is assessed at its highest possible level.
On October 4 of Year 4, the IRS assessed additional tax and interest in an amount equal to T's advance payment.
For property tax valuation purposes cooperatives and condominium properties are required to be assessed as if they are rental properties using rent stabilized rents in such areas covered by the Emergency Tenant Protection Act, the New York State Court of Appeals has ruled.
The auditor may find the only reasonable strategy is to obtain an understanding of controls and perform tests on them sufficient to support a lower assessed level of control risk.