property assessment

Definition

The process of placing a value on an asset for the purpose of taxation. Also refers to the tax itself. also called assessment.

Use property assessment in a sentence

In 2008 we challenged the property assessment made by the county tax commissioner given the decrease in market value of our real estate holdings.

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A property assessment needed to be done for a property because the owners felt they were paying too much in tax and other houses in the area had declined in value.

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In response to changes in property assessment procedures that significantly increased the amount of property taxes Californians paid, the state's voters overwhelmingly passed Proposition 13 in 1978, which capped property taxes at one percent of a home's value.

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