18:09
no I have no idea lol, im just pessimistic at this point in the cycle
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Simple English definitions for legal terms
tax assessment
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A quick definition of tax assessment:
A tax assessment is when the government decides how much money someone needs to pay in taxes. This can be for things like property or income. Sometimes, the government will charge extra taxes if someone didn't pay enough before. There are also special taxes called assessments that are only charged to people who benefit from a public improvement, like a new sidewalk or sewer line.
A more thorough explanation:
Definition: Tax assessment is the process of determining the rate or amount of tax that a person or property owes. It is also the imposition of a tax or fine according to an established rate.
Examples:
- A property owner receives a tax assessment notice from the local government, stating the amount of property tax they owe based on the assessed value of their property.
- The Internal Revenue Service (IRS) conducts a tax assessment on a taxpayer who underpaid their taxes, determining the additional tax owed.
- A local government imposes a special assessment on property owners who will benefit from a public improvement, such as a new road or sewer line.
These examples illustrate how tax assessment is used to determine the amount of tax owed by a person or property. It can be conducted by a local government or the IRS, and can be based on the assessed value of property or the amount of tax owed. Special assessments are used to fund public improvements that benefit specific property owners.