what is a special assessment in real estate

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A special assessment tax in real estate is anadditional property tax assessed by the local government to pay for their property and neighborhood projects. The tax goes toward a specific geographic region known as a special assessment district,and the property owners in that area are the only ones who must pay.

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  • What is a a special assessment tax in real estate?

  • A special assessment tax in real estate is an additional property tax assessed by the local government to pay for their property and neighborhood projects. The tax goes toward a specific geographic region known as a special assessment district, and the property owners in that area are the only ones who must pay.

  • What is a special assessment in a condo?

  • Special Assessment. A Special Assessment occurs in a condominium when there are expenses that exceed the funds raised by monthly dues payments.

  • What are special assessments used for?

  • Additionally, special assessments can be used to fund the development of parks and recreational facilities. How is it determined how much the special assessment will be? Generally, it is based upon the front-foot measurement of each lot.

  • What is a special assessment lien?

  • Special Assessments are always considered to be specific. Moreover, they can be either voluntary or involuntary. If homeowners initiated the process, then the special assessment lien would be regarded as voluntary. If the government undertook the process, the lien would be considered involuntary.

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