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.

Noun

1. the value set on taxable property