Assessment

Definition: A determination of value for taxation or a charge allocated to property or its owner, depending on context.

Example

An association levies an assessment for common expenses, while the property appraiser determines assessed value for tax purposes.

Keep the distinction clear

An assessment charge is not the same as assessed value. Identify whether the question concerns property valuation, association expenses, or a governmental special assessment.

Related terms

Assessed Value · Special Assessment · Community Development District (CDD)

Keep studying

Special Assessment Math: Front Footage and the Owner’s Share

References: California DRE: real estate glossary

Pronunciation (US): uh-SES-munt (capitals show stress)

Pronunciation reference: Merriam-Webster