What does 'assessable' refer to in property terms?

In property terms, 'assessable' refers specifically to a property that is subject to a tax, charge, or levy. This means that the property can be evaluated for determining its value in order to levy taxes or charges on it. Assessability is fundamental to the property taxation process, as municipalities and local governments rely on assessed values to generate revenue for public services and infrastructure.

Other terms might imply different aspects of property, such as recent sales, construction status, or historical significance, but these do not directly relate to the concept of being assessable. For instance, the fact that a property has been sold recently does not inherently mean it is taxable; likewise, just because a property is newly constructed or historically significant does not establish its assessable status under property taxation laws. Thus, the definition of assessable is firmly rooted in its liability for taxes or levies, making it the correct answer.