Assessments

Definition

  • Fees applied to transactions involving credit cards used to cover operating and marketing costs. Also referred to as Dues and Assessments.
  • Local or municipal taxes that are imposed upon properties that have or will benefit from an improvement made in the area.

Synonyms
fees, judgement, taxes, levy, estimations

Related Terms and Acronyms

  • Appraisal Definition,
    • An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
  • Appraised Value Definition,
    • An educated opinion of how much a property is worth.
  • Assessed Value (ast, AV) Acronym & Abbreviation,
    • A municipal or provincial government's determination of a property's worth for tax purposes.
  • Assessment Rolls Definition,
    • Lists of taxable property.
  • Audit Definition,
    • An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
  • Local Improvement Charge Definition,
    • A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
  • Local Taxes Definition,
    • Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • Notice of Assessment (NOA) Acronym, Canada, Important,
    • A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
    Canada Revenue Agency's T451 tax form.
  • Personal Property Taxes Definition,
    • Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
  • Property Value Definition,
    • The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • Sales Tax Definition,
    • Federal and / or provincial taxes that are applied to purchases.
  • Tax Liability Definition,
    • The total amount of tax you owe.
  • Valuation Definition,
    • The process of finding the worth of an asset or business.
    • The estimation of a property's price value through an appraisal.
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