- In the most common sense, the imposing of a tax by a listing of the persons and property to be taxed and a valuation of the property of each person as a basis of apportionment and levy, such acts usually being performed by administrative officers but sometimes by the legislature. State v Clement Nat. Bank, 84 Vt 167, 78 A 944. A special assessment, one imposed upon property within a limited area for the payment of a local improvement supposed to enhance the value of all property within that area. 48 Am J1st Spec A § 3. A call upon subscribers to corporate stock for payment of their subscriptions, or, if the subscriptions have been paid, a levy upon the stock for the purpose of correcting an impairment of capital. 18 Am J2d Corp § 346. Substantially, the equivalent of a premium collected by at) insurance company, being the sum specifically levied by a mutual insurance company or association operating upon a fixed and definite plan, to pay losses and expenses, the sum being the consideration for the insurance provided. 29 Am J Rev ed Ins § 501. The levy against a member of a mutual benefit society or a fraternal benefit society as his share of the amount to be paid for the benefits extended by the society under the terms of his contract. 38 Am J2d Frat O § 88. The word comes from the Latin words "ad," meaning "to," and "sedere," meaning "sit," through the Middle Latin "assessare," to "fix a rate" or "impose a tax." Thus, within limitations, the word "assessment" and "tax" can be employed synonymously. 48 Am J1st Spec A § 3. In construing the expression "all taxes levied and assessed," as used in a statute governing ad verse possession, it was held that the word "levied" referred to the act of the county board in making the levy, and that the word "assessed" referred to the act of the assessor in making the assessment. Allen v McKay & Co. 120 Cal 332, 52 P 828.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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