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Business Definition for: assessment
Dictionary of Accounting Terms
assessment

  1. process of making an official valuation of property for purposes of taxation.
  2. valuation placed upon property as a result of this process. For example, an individual owns a parcel of land assessed on the tax roll for $50,000. The tax rate is $1.00 per $100 of value. The tax assessment for the land is $500.

Dictionary of Banking Terms
assessment

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  1. tax on real property, whether an annual property tax based on current fair market value, or special assessments for sewers or public improvements.
  2. amount sometimes levied by banks, corporations, and insurance companies on stockholders to cover an impaired capital position or unanticipated losses.
  3. in bankruptcy, special charge to the holders of stock not fully subscribed, payable to the bankruptcy trustee for benefit of creditors.

Dictionary of Business Terms
assessment

  1. amount of tax or special payment due to a municipality or association. See also assessment ratio .
  2. proportionate share of a common expense.

Dictionary of Real Estate Terms
assessment

  1. the amount of tax or special payment due to a municipality or association.
    Example: Abel owns a parcel of land assessed on the tax roll for $40,000. The tax rate is $1.00 per $100 of value. The tax assessment for Abel's land is $400.

  2. an owner's or lessee's proportionate share of a common expense.
    Example: Abel rents office space under a net lease . Abel pays an assessment each month for maintenance of the building lobby and elevators.

Referring Terms:
tax assessment
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 Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
 Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
 Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
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