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. 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 ?
Under current market conditions, in which we are seeing appreciation in the value of Manhattan properties and stability in the value of properties in the boroughs, it is incomprehensible to think that tax assessments will not increase.
The first step in reviewing property tax assessments is to determine the assessment authority that has jurisdiction over your facility.
That means if a new potential buyer dislikes the added tax assessment, they may demand a lower price and the lender loses out on the difference.
The top goal for Grubb & Ellis I Commercial Florida, a leading commercial property broker, is to reduce property tax assessments in order to lower operating costs for building owners and managers.
Furthermore, Klovern would submit a request for a new reconsideration of the tax assessment for 2003.
During KPMG-SSH's meetings with an Indonesian tax official to discuss the merits of the tax assessment, the tax official repeatedly requested that PTEC make a payment to the official.
By staying ahead of the critical dates and deadlines, your company can avoid losing an opportunity to reduce a real estate tax assessment.
Not only would this maneuver lower the state's tax assessment, it would rid it of the troublesome westerners without giving them the victory of independence.
The growing imbalance between provincial and Seoul metropolitan area tax revenue and unrealistic tax assessment standards were another reason cited as prompting the real estate tax system revisions.
Wooded areas between apartment buildings do not constitute "necessary support land" for property tax assessment purposes, according to the Tax Court of Indiana.
(MPAC) say the provincial government's attempt to harmonize assessment bases across Ontario under a fair market value tax assessment has failed, and has brought southern Ontario property values into a depressed market in the North.
Generally, the entity filing the tax appeal will have the burden of proving that the tax assessment is incorrect.