Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assessment
n. 1. Determination of the rate or amount of something, such as a tax or damages <assessment of the losses covered by insurance. 2. Imposition of something, such as a tax or fine, according to an established rate; the tax or fine so imposed <assessment of a luxury tax>.
Assessment company
an association that fers its members life insurance, and then :pays for death losses by levying an assessment the surviving members of the association
Assessment contract
see contract
Assessment district
See district
Assessment fond.
The balance of the assessments of a mutual benefit association minus expenses, from which beneficiaries are paid.]
Assessment for benefits
see special assessment.
Assessment for benefits.
See special assessment under assessment.
Assessment insurance
see insurance
Assessment list
see assessment roll
Assessment period
a taxable period,
Assessment ratio
for property tax purposes the ratio of assessed value to fail market value
Assessment roll
a record of taxable person and property, prepared by a tax assessor. Also termed assessment list.
Assessment work
mining law. The annual bor (such as improvements) that must be performed on an unpatented mining claim to continue to hold the claim.
Deficiency assessment
an assessment by the irs - after administrative review and tax-court adjudication - of additional tax owed by a taxpayer who underpaid. See tax deficiency.
Erroneous assessment
an assessment that deviates from the law and creates a jurisdictional defect, and that is therefore invalid.
Excessive assessment
a tax assessment that is grossly disproportionate as compared with other assessments.
Jeopardy assessment
an assessment by the irs - without the usual review procedures - of additional tax owed by a taxpayer who underpaid, based on the irs's belief that collection of the deficiency would be jeopardized by delay.
Local assessment
a tax to pay for improvements (such as sewers and sidewalks) in a designated area, levied on property owners who will benefit from the improvements. -also termed local-improvement assessment
Maintenance assessment
A charge for keeping an improvement in working condition or a residential property in habitable condition. - also termed maintenance fee.
Political assessment
hist. A charge levied on officeholders and political candidates by a political party to defray the expenses for a political canvass.
Special assessment
the assessment of a tax on property that benefits in some important way from a public improvement. - also termed assessment for benefits. 3. Official valuation of property for purposes of taxation <assessment of the beach house>.
assessment bond
A municipal bond repaid from property assessment taxes. assumed bond. See guaranteed bond (1).
assessment contract
A contract in which the payment of a benefit is dependent on the collection of an assessment levied on persons holding similar contracts. See assessment insurance under INSURANCE.
assessment district
Tax. A usu. municipal subdivision in which separate assessments of taxable property are made.
assessment insurance
A type of mutual insurance in which the policyholders are assessed as losses are incurred; a policy in which payments to an insured are not unalterably fixed, but are dependent on the collection of assessments necessary to pay the amount insured.
deficiency assessment
See ASSESSMENT
double assessment
The act of requiring that tax be paid twice for the same property. See double taxation under TAXATION.
erroneous assessment
See ASSESSMENT.
excessive assessment
See ASSESSMENT. excessive bail. See BAIL (1 ).
fair and proper legal assessment
See EQUALIZATION.
frontage assessment.
A municipal fee charged to a property owner for local improvements that abut a street or highway, such as sidewalks, pavements, or sewage lines.
jeopardy assessment
See ASSESSMENT.
local assessment
See ASSESSMENT.
local-improvement assessment
See local assessment under ASSESSMENT.
maintenance assessment
See ASSESSMENT.
political assessment
See ASSESSMENT.
sales-assessment-ratio study
A method for calculating the assessment level for taxable property in a jurisdiction, by comparing the assessed value and the actual sales price of a statistically reliable sample of the property in the jurisdiction, to determine the percentage by which the assessed values are above or below the sales prices.
special-assessment bond
See special-tax bond under BOND (3).
tax assessment
See ASSESSMENT (3)