Assessment – this term could have two different meanings, depending on its application in practice:
– The term finds application in the Tort Law, where refers to the calculation of damages. The damages are calculated in money, which money later the claimant will request in court to be awarded. So the injured receives a compensation in money for damages they had. In some legal systems, the award has only a reparational role. In other – a role of a financial sanction to the wrongdoer so they don’t harm again in the future.
– An assessment could also mean the amount of a tax due towards the local Authorities/Taxmen. Examples include annual property tax, income tax, Capital Gains, etc.
- Within the area of Real Estate Law it refers to evaluating of real estate; i.e. establishing its price for taxable or credit reasons.