Appraisal—(1) The act of estimating the money value of property.
(2) The money value of property as estimated by an appraiser. (3)
Of or pertaining to appraising and related functions, for example,
appraisal practice, appraisal services. Compare assessment.

Assessment—(1) In general, the official act of determining the
amount of the tax base. (2) As applied to property taxes, the official
act of discovering, listing, and appraising property, whether performed by an assessor, a board of review, or a court. (3) The value
placed on property in the course of such act.