Definition
The art of determining property value for tax purposes, usually performed by a government official who will inevitably conclude your home is worth more than you claimed. This process involves evaluating comparable sales, property features, and market conditions to establish a taxable value. It's the reason your property tax bill keeps going up even when your neighborhood looks exactly the same.
Example Usage
After assessing our property, the county decided our detached garage qualified as 'additional living space' and raised our taxes accordingly.
Source: Common real estate and taxation terminology
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See “assessing” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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