notice of assessment


Also found in: Acronyms.

notice of assessment

A notice sent to property owners advising them of the current assessed valuation of their property for real estate tax purposes. The assessed value is usually based on a formula that starts with the fair market value and then decreases it to reach an assessed value. Property owners normally have a specific period of time within which to contest their assessments and should not be complacent just because the assessed value is less than the fair market value.

References in periodicals archive ?
On February 28, 2005, the OCC served the First Amended Notice of Charges for Issuance of an Order for Prohibition and Notice of Assessment of a Civil Money Penalty ("Amended Notice") upon Respondent.
This developed after Veco received a Notice of Assessment from the City Treasurer's Office (CTO) last August informing them of the surcharge of P2,278,232.09 and an interest of P227,823.20 for a nine-day delay of payment of its franchise tax in that period.
The Supreme Court's decision in Jersey State Shore Bank, holding that notice of assessment need not be given to a third-party lender within the 60-day period, an issue that had vexed the courts for years, was a major victory for the Service.
"Aside from the fact that defendants (the Quezon City government) sought to collect taxes accruing during the period when Plaintiff (the MSBF) was operating as a tax-free entity, there was no prior notice of assessment. What was served upon it was a Statement of Delinquency."
Through the office's system and remote examinations, he said that notice of assessments were already given to landowners with evaluated idle lands.
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