ASSESSMENT
The process by which the financial worth of prop-
erty is determined. The amount at which an item
is valued. A demand by the board of directors of a
corporation for the payment of any money that is
still owed on the purchase of capital stock. The
determination of the amount of damages to be
awarded to a plaintiff who has been successful in a
lawsuit. The ascertainment of the pro rata share of
taxes to be paid by members of a group of taxpay-
ers who have directly benefited from a particular
common goal or project according to the benefit
conferred upon the individual or his or her prop-
erty. This is known as a special assessment. The
listing and valuation of property for purposes of
fixing a tax upon it for which its owner will be
liable. The procedure by which the INTERNAL REV-
ENUE SERVICE, or other government department
of taxation, declares that a taxpayer owes addi-
tional tax because, for example, the individual has
understated personal gross income or has taken
deductions to which he or she is not entitled. This
