A financial levy made by lawful process against those specific parcels of property that directly benefit from the special assessment.
For real estate practitioners, special assessments are typically encountered in two areas: taxation and condominium property. Under taxation, the taxing authority may levy a special assessment for improvements within a particular area (for example: installation of curbs and sidewalks), in a residential subdivision. Individual property owners benefiting from this increased utility are levied a special assessment over and above usual property taxes to pay for the expenditure over a pre-determined period.
With condominium property, special assessments are normally levied against all unit owners to make up a deficiency in the reserve fund in contemplation of repair/replacement concerning the common elements of the condominium corporation.
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