assessment

as·sess·ment

noun \ə-ˈses-mənt, a-\

Definition of ASSESSMENT

1

: the action or an instance of assessing : appraisal

2

: the amount assessed

Examples of ASSESSMENT

1. It's a difficult problem that requires careful assessment.
2. I don't agree with his assessment of the problem.
3. The owners claimed the tax assessment on their house was too high.

First Known Use of ASSESSMENT

1534

Related to ASSESSMENT

Synonyms

tax, duty, imposition, impost, levy

Related Words

direct tax, personal tax; capitation, custom(s), excise, hidden tax, income tax, poll tax, property tax, sales tax, single tax, sin tax, tariff, toll, tribute, value-added tax, withholding tax; supertax, surcharge, surtax; death tax, estate tax, inheritance tax; flat tax, proportional tax

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

Rhymes with ASSESSMENT

impressment, investment

assessment

noun    (Concise Encyclopedia)

Process of setting a value on real or personal property, usually for the purpose of taxation. It is carried out either by central government agencies or by local officials. Property may be assessed on the basis of its annual rental value, as in Britain, or its capital value, as in the U.S. Various methods are used to determine capital value, including analysis of market data to estimate the property's current market price, estimation of the cost of reproducing the property minus accrued depreciation, and capitalization of the property's earnings.