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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 ?
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 TP1.1 and 32 assessments TP1.2, 50% of them being obtained with determinations at intervals exceeding 0.33s.
Secondary assessments demonstrated that AXA2678 attenuated muscle disuse atrophy during immobilisation; mitigated intramuscular fat accumulation commonly seen during disuse atrophic conditions; and tended to improve both peak force and time to attain peak force in the immobilised limb compared to placebo.
Secondary assessments included patient bother from each of the following potential injection site effects: soreness, redness, bruising, itching, hardening, and swelling.