An assessment is the value assigned to a home by a government for purposes of determining property tax rates. Based on the tax-assessed value of the home, a property tax levy will be applied to the home. Frequency of tax assessment varies by state and county and uses data from recently sold homes to estimate a current value.
There are other forms of assessment in real estate as well. Homeowners associations levy recurring assessments to each homeowner or sometimes call for a one-time special assessment to cover large expenses. Local municipalities or utilities can also assess a home for installation and capital expenses involved in bringing utilities like sewer or roads to a property.