assessment

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Assessment

The process by which the financial worth of property is determined. The amount at which an item is valued. A demand by the board of directors of a corporation for the payment of any money that is still owed on the purchase of capital stock. The determination of the amount of damages to be awarded to a plaintiff who has been successful in a lawsuit. The ascertainment of the pro rata share of taxes to be paid by members of a group of taxpayers who have directly benefited from a particular common goal or project according to the benefit conferred upon the individual or his or her property. This is known as a special assessment. The listing and valuation of property for purposes of fixing a tax upon it for which its owner will be liable. The procedure by which the Internal Revenue Service, or other government department of taxation, declares that a taxpayer owes additional tax because, for example, the individual has understated personal gross income or has taken deductions to which he or she is not entitled. This process is also known as a deficiency assessment.

assessment

(Estimation), noun aestimatio, appraisal, appraisement, calculation, determination, estimate, mensuration, rating, reckoning, survey, valuation
Associated concepts: assessment of damages

assessment

(Levy), noun amount assessed as payable, capitation, census, cess, charge, charge levied, exactment, imposition, impost, rate, tallage, tax, toll
Associated concepts: assessed valuation, assessment and collection of taxes, assessment district, assessment for bennfits, assessment for special improvements, assessment innurance, assessment lien, assessment of property, assesssent roll, assessor, equalized assessment, improvements, municipal improvements, public improvements, special assessment, tax assessment, valuation of property
See also: account, ad valorem, appraisal, appreciation, arbitration, charge, choice, computation, concept, conclusion, cost, decision, determination, differentiation, discernment, discretion, discrimination, duty, estimate, estimation, excise, expense, idea, inspection, judgment, levy, measurement, opinion, perception, price, rate, rating, rent, tariff, tax, toll, value, verdict

ASSESSMENT. The making out a list of property, and fixing its valuation or appraisement; it is also applied to making out a list of persons, and appraising their several occupations, chiefly with a view of taxing the said persons and their property.

References in periodicals archive ?
During this period of declining values, real estate tax assessments continued to increase.
The majority of states employ a market value standard for purposes of establishing annual real estate tax assessments.
Settlement documents state that upon discovering the payment to the Indonesian tax official, Baker Hughes's General Counsel and FCPA adviser undertook corrective action, including the following steps cited by the SEC: attempting to stop payment; reporting to the audit committee, voluntarily disclosing the payment to the SEC and the Justice Department; correcting Baker Hughes's books and records; firing KPMG-SSH; obtaining resignation of senior management officials responsible for the action; challenging the $270,000 tax assessment as erroneous and paying $2.
Overassessments can be identified and reduced by proving to the assessment authority that the nursing home's real estate is being overvalued for purposes of real estate tax assessment.
Now is the time to review your tax assessment and the merits of a tax appeal.
Nor is Peebles the only person to work both sides of the District's tax assessment business.
To ensure that a particular property is not over assessed, RPC offers its clients a free online 'No Cost Tax Assessment Review'.
Kariya, Japan, June 2, 2014 - (JCN Newswire) - DENSO Corporation, on June 22, 2012, received a supplementary tax assessment order from the Nagoya Regional Taxation Bureau (NRTB), pursuant to the provisions of the Special Taxation Act concerning tax havens.
A source within the ETA claimed that taxes collected so far had amounted to 86% of previous tax assessment figures, producing a total of EGP 141.
The city argued that value should be based on capitalizing one year's worth of income--without regard to future income--and the result for Eastern Parkway proved to he an inaccurate tax assessment that took into account higher property values and higher income levels than what's expected for the taxed year.
The company's annual tax assessment would amount to about $140,000 year, based on the assessed value of the firm's property done by a district consultant.
Heale, who set up a property tax assessment committee through the Espanola Chamber of Commerce, is working on a report for the chamber for this fall detailing the inequities in the system.