SPECIAL ASSESSMENT Meaning and
Definition
-
Special assessment is a financial term referring to an additional fee or charge imposed by a government entity on a specific group of property owners within a defined geographic area. It is usually levied to finance a particular project or service that benefits those property owners specifically.
This type of assessment may be applied by various local government bodies, such as municipalities, counties, or special districts, to cover the costs of infrastructure improvements, public services, or other projects that benefit a particular area, such as road repairs, sidewalk construction, or sewer system upgrades. The funds generated through special assessments are typically allocated solely for the purpose of the project for which they were imposed.
Special assessments are generally determined based on a specific formula, taking into consideration factors such as property value, lot size, or the percentage of the project's benefits borne by each property owner. These assessments are typically in addition to regular property taxes and may be billed either as a lump sum or on an installment basis, depending on the local regulations and the size of the assessment.
It is important to note that special assessments are legally binding and failure to pay may result in penalties or legal action. Property owners should be aware of their rights and responsibilities regarding any special assessments imposed on their property to ensure compliance and proper payment.
Common Misspellings for SPECIAL ASSESSMENT
- apecial assessment
- zpecial assessment
- xpecial assessment
- dpecial assessment
- epecial assessment
- wpecial assessment
- soecial assessment
- slecial assessment
- s-ecial assessment
- s0ecial assessment
- spwcial assessment
- spscial assessment
- spdcial assessment
- sprcial assessment
- sp4cial assessment
- sp3cial assessment
- spexial assessment
- spevial assessment
- spefial assessment
Etymology of SPECIAL ASSESSMENT
The word "special assessment" is derived from the combination of the words "special" and "assessment".
The word "special" originated from the Latin word "specialis", which means "individual, particular, or specific". It was later adopted into Old French as "especial" and eventually became "special" in English.
The term "assessment" comes from the Latin word "assessus" meaning "to sit beside, judge, estimate". It also evolved in Old French as "assesser" before being anglicized to "assess" in English.
When you combine "special" and "assessment", it refers to a unique or specific evaluation or estimation of something. In common usage, it often refers to a financial levy or charge imposed on particular individuals or properties for a specific purpose, such as infrastructure or community improvements.
Similar spelling words for SPECIAL ASSESSMENT
Infographic
Add the infographic to your website:
