What is the procedure called for calculating real estate taxes?

The correct term for the procedure of calculating real estate taxes is property assessment. This process involves determining the value of a property for the purpose of taxation. Local governments usually carry out property assessments, and the assessed value is generally used to calculate the amount of taxes owed by property owners.

Property assessment takes into account various factors such as the property's location, size, and condition. This ensures that taxes are fairly levied based on the value of the property within the local market. Proper property assessments are crucial for maintaining the equity in tax obligations among property owners in the jurisdiction.

The other options, while related to the process of evaluating property value and taxes, do not specifically define the taxation procedure. For example, tax assessment and tax valuation tend to focus more on the overall process of determining applicable taxes or values rather than the actual assessment stage itself, and property appraisal typically refers to assessing a property's market value for purposes other than taxation.