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| ASSESSMENT |
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Related Terminology: LICENSING EXAMINATION
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| 1. -the amount of tax or special payment due to a municipality or association. |
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| Example Abel owns a parcel of land assessed on the tax roll for $40,000. The tax rate is $1.00 per $100 of value. The tax assessment for Abel’s land is $400. |
| 2. -an owner’s or lessee’s proportionate share of a common expense. |
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| Example Abel rents office space under a net lease. Abel pays an assessment each month for maintenance of the building lobby and elevators. |
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