OVER ASSESSED Meaning and
Definition
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"Over assessed" refers to a situation or condition where a property, asset, or item is deemed to have a higher value, in terms of monetary worth or quality, than what is considered fair or accurate by a professional assessment or evaluation. This term is commonly used in the context of property tax assessment or valuation of real estate. When a property is over assessed, it means that the assigned value for tax purposes exceeds its actual market value or intrinsic worth.
The concept of over assessment typically arises when a government entity or designated assessor sets the value of a property for tax purposes. This valuation is often based on factors such as location, size, condition, recent property sales in the area, and other relevant market information. However, there are instances where the assigned value may not align with the property's true value. An over assessed property can result in higher tax liabilities for the owner or occupant, which is seen as unfair or unjust.
If an individual or entity believes that their property has been over assessed, they may have the opportunity to appeal the assessment and provide evidence to support their claim. This can involve presenting comparable property sales data, professional appraisals, or any other relevant information that suggests the property's value has been inaccurately determined.
In summary, "over assessed" refers to a situation where the value of a property or asset is deemed to be higher than it should be, based on professional assessments or evaluations. It can lead to higher tax burdens and potential recourse for the affected party.
Common Misspellings for OVER ASSESSED
- over assesse
- iver assessed
- kver assessed
- lver assessed
- pver assessed
- 0ver assessed
- 9ver assessed
- ocer assessed
- ober assessed
- oger assessed
- ofer assessed
- ovwr assessed
- ovsr assessed
- ovdr assessed
- ovrr assessed
- ov4r assessed
- ov3r assessed
- ovee assessed
- oved assessed
- ovef assessed
Etymology of OVER ASSESSED
The word "over" in the term "over assessed" comes from the Old English prefix "ofer", which means "beyond" or "above". It is derived from the Proto-Germanic root "uber", meaning "over" or "above".
The term "assessed" is derived from the Latin verb "assessare", which means "to tax" or "to assess". This Latin term is a combination of the prefix "ad-" meaning "to" or "towards", and the verb "sedere" meaning "to sit" or "to settle". It originally referred to the act of sitting down to deliberate and determine the value or worth of something for taxation purposes.
Therefore, the combination of "over" and "assessed" in "over assessed" implies that something has been evaluated or taxed beyond a reasonable or accurate amount.
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