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Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax. This is usually done by an office called the assessor or tax assessor.
Governments need to collect taxes to function. Federal, state, and local governments impose tax assessments against real property, personal property, and income. The word tax assessment is used in different ways but often refers to a tax liability owed by a taxpayer.
In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an "assessed value," which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax.[1]
Most state statutes give taxpayers a right to appeal the assessed value concluded by the assessor. An initial step in the appeal process is for the taxpayer to make an independent estimate of market value and to compare it against the assessed value.[2]
^"General FAQ". International Association of Assessing Officers.
Taxassessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax...
paved with concrete or some other impervious surface. However, special assessmenttax levies can be made for other purposes including police or fire protection...
upon it. It is also known as a location value tax, a point valuation tax, a site valuation tax, split rate tax, or a site-value rating. Some economists favor...
rate. A special assessmenttax is sometimes confused with property tax. These are two distinct forms of taxation: one (ad valorem tax) relies upon the...
income is determined for municipal trade tax purposes, which regularly results in a municipal trade taxassessment amount of 3.5% of the trade income. The...
calculate income taxassessments. The Act was passed in an attempt to provide a rewritten income taxassessment statute, as the Income TaxAssessment Act 1936...
social insurance plan. The income tax is finalised through a yearly taxassessment the year following the income year. 27% of taxpayer money in Sweden...
initiative power by voters to reduce or repeal any local government tax, assessment, fee or charge, and this constitutional reservation is also subject...
the Income TaxAssessment Act 1936 and the Income TaxAssessment Act 1997; the former is gradually being re-written into the latter. Taxable income is...
property ad valorem taxes are often referred to as "property taxes". Generally, starting from January 1 of each year, the taxassessment used to determine...
Income Tax Act. Provincial and territorial income taxes are levied under various provincial statutes. The Canadian income tax system is a self-assessment regime...
alphabetically, with total tax revenue as a percentage of gross domestic product (GDP) for the listed countries. The tax percentage for each country...
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale...
require self-assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers...
which has influenced tax policies. Today, income tax and Value-Added Tax (VAT) are the primary sources of tax revenue. These taxes reflect Germany's commitment...
A poll tax, also known as head tax or capitation, is a tax levied as a fixed sum on every liable individual (typically every adult), without reference...
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government...
church tax prepayments from their income in addition to other taxes. The state revenue authorities assess the church tax due at the annual taxassessment. State...
Tax Ordinance 2001 (for direct taxes) and Sales Tax Act 1990 (for indirect taxes) and administered by Federal Board of Revenue (FBR). The Income Tax Act...
slab count & tax rates under New Tax Regime in Budget 2023, after reports of poor adoption to new tax regime by tax payers For the assessment year 2016–17...
The Income TaxAssessment Act 1936 (Cth) is an Act of the Parliament of Australia. It is one of the main statutes under which income tax is calculated...
types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance...
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate...
A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar...
International tax law distinguishes between an estate tax and an inheritance tax. An inheritance tax is a tax paid by a person who inherits money or property...
of tax burden to non-citizens or non-residents). The tourist industry typically campaigns against the taxes. It is separate from value-added tax and...