11:29
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LSDefine
Simple English definitions for legal terms
assessment
Read a random definition: Tax Cuts and Jobs Act of 2017 (TCJA)
A quick definition of assessment:
Assessment is when someone figures out how much of something you need to pay. For example, if you have to pay taxes, the government will assess how much you owe. Sometimes, if you live in a certain area, you might have to pay a special assessment to help pay for things like sidewalks or sewage lines. Assessments can also be used to figure out how much something is worth, like a house or a car, so that you can pay the right amount of taxes on it.
A more thorough explanation:
Definition: Assessment is the process of determining the rate or amount of something, such as a tax or damages. It can also refer to the imposition of something, such as a tax or fine, according to an established rate.
Examples:
- An assessment of the losses covered by insurance
- An assessment of a luxury tax
- A special assessment on property that benefits from a public improvement
These examples illustrate how assessment can refer to determining the amount of something, such as losses covered by insurance or a luxury tax. It can also refer to the imposition of a tax or fine, such as a special assessment on property that benefits from a public improvement.
Assessment is an important process in determining taxes and damages, and it helps ensure that everyone pays their fair share. It is also used to determine the value of property for taxation purposes.