A tax assessment is the process by which a government determines the value of property or income for taxation purposes. This evaluation helps establish how much tax an individual or business owes. Assessments can apply to various types of taxes, including property taxes, income taxes, and sales taxes. Tax assessments are typically conducted by local or state tax authorities, who use various methods to estimate value. Property assessments may involve comparing similar properties, while income assessments often rely on financial records. Once the assessment is complete, taxpayers receive a notice detailing their tax obligations based on the determined value.