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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 ?
As regards the positive results of the comprehensive assessment of the Cypriot banks, Stelios Constantinou, Banking Industry Leader at PwC Cyprus, said that "our four banks have responded positively to the strict asset quality review requirements and stress tests.
overview of the Comprehensive Assessment process and potential outcomes;
The Hellenic Bank will raise more capital than the residual capital resulting from the Comprehensive Assessment in order to actively support the recovery of the Cyprus economy" the press release noted.
Businesses now want to do a comprehensive assessment of their needs, ranging from economic viability, to quality-of-life and to safety and security, before they move to a different location.
This paper examines the development of a comprehensive assessment system within a school-university educator preparation collaborative, detailing the evidence sources used in relation to the three categories into which the assessment system is organized (performance, process, and program).
Furthermore, comprehensive assessment of service learning should address the interests of all stakeholders in the process, utilizing instruments that capture the interplay among faculty, students, community, and educational institution.
The authors are cautious to draw no further conclusions beyond what their data warrant--that the appropriate information is now in place to allow more comprehensive assessment of the risk associated with human exposure to ME.
Tenders are invited for Within the framework of this contract should be developed comprehensive assessment of the national potential for high efficiency cogeneration in accordance with Decree E-RD-16-427 of 2.
On his part John Patrick Hourican, the Bank`s CEO, said that "the well - timed and deliberate actions taken during 2014, and in particular the pre-emptive e1/41 bn share capital increase, have ensured a positive result in the ECB's Comprehensive Assessment.
After taking the Florida Comprehensive Assessment Test in March, state students are still waiting to hear results, which are due this month.
The short answer is that you can use either the PPS assessment for the applicable period, if you have been following that schedule, or the most recent OBRA-required comprehensive assessment.

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