Assessment is the process of assigning a cash value to property for the purpose of taxation. Assessed property may include land, buildings, business equipment, and inventory. The term assessment also refers to the amount of tax that is levied on a property. The amount of tax is based on the assessed value of the property (see Property tax). In most cases, assessments are determined by state or local officials called assessors. Assessors may be elected by the voters or appointed by the state or local government.