tax assessment

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tax assessment

The homeowner receives the annual tax assessment notice in the mail.

Definition

Noun: 1. The official valuation of property or income for the purpose of calculating a tax liability: A tax assessment is the process and the resulting determination of the monetary value that a government authority places on an asset, such as real estate, or on income, to establish the base amount upon which a tax is calculated.

Usage
  • The tax assessment on the commercial building was significantly higher this year.
  • Homeowners can appeal their property's tax assessment if they believe it is inaccurate.
  • The accuracy of the tax assessment directly affects the amount of tax owed.
Advanced Usage
  • "To be subject to tax assessment": To be liable to have one's property or income officially valued for taxation.
    • All registered businesses are subject to an annual tax assessment.
  • "Assessment notice" or "Notice of assessment": The official document sent by the tax authority informing a taxpayer of the determined value and the calculated tax.
    • He received his notice of assessment from the county auditor's office.
Variants and Related Words
  • Assess (verb): To officially determine the value of something for taxation.
    • The county will assess all properties next month.
  • Assessor (noun): An official who evaluates property for tax purposes.
    • The tax assessor visited the neighborhood to update valuations.
  • Reassessment (noun): A new or revised assessment.
    • A reassessment was conducted after the homeowner made major renovations.
Synonyms
  • Valuation: The act of estimating something's monetary worth.
  • Appraisal: An expert estimate of an item's value (often used interchangeably in a tax context).
Related Phrases
  • Tax assessment roll: The official list or record maintained by a government of all taxable property and its assessed value.
    • The new tax assessment roll is published online for public review.
  • Assessment ratio: The percentage of a property's market value used to calculate its assessed value for tax purposes.
    • The assessment ratio in this county is 80% of fair market value.
tax assessment

The homeowner receives the annual tax assessment notice in the mail.

Noun
  1. the value set on taxable property