Which term refers to the process of placing a value on property for taxation?

The term that refers to the process of placing a value on property for taxation is assessment. Assessment is a systematic process conducted by local government authorities or tax assessors to determine the taxable value of real estate. This value is used to establish property taxes owed by the owner, ensuring that the taxes are equitably distributed based on property value.

While appraisal, valuation, and appreciation are related to the assessment of property value, they carry different meanings. Appraisal generally refers to an estimate of value by a qualified professional for a variety of purposes, such as sales, refinancing, or investment analysis, but it is not specifically related to taxation. Valuation is a broader term that encompasses determining worth for any number of purposes, not just for tax assessments. Appreciation indicates the increase in property value over time, rather than the process of assigning value to determine tax obligations. Therefore, assessment is the correct term associated with valuing property specifically for tax purposes.