assessment

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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.

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.

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 ?
For the second secondary assessment (SA2), there were carried out 64 determinations on a single subject, within a 10-day period, of which 32 assessments TP1.
Primary and secondary assessments were analyzed using an analysis of variance (ANOVA) model, adjusting for sequence, patient within sequence, period, and treatment.
Reactors idled for regular checkups are subject to primary safety assessments and all reactors to secondary assessments.
Along with these core studies, MONEYVAL also undertakes progress reports one year after a member has been subject to a standard evaluation; in these secondary assessments, each country submits its own paper describing the new measures it has adopted following a MONEYVAL check-up and these are assessed by the committee's experts.