special assessment


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Related to special assessment: Special Assessment Bonds

special assessment

A charge to property owners in order to pay for some improvement benefiting all assessed owners in common.Local government sometimes makes special assessments to pay for road or sewer work.More commonly,condo associations and neighborhood associations will levy special assessments for the repair or expansion of recreational or other community amenities,or for structural repairs such as a new roof or road repaving.

References in periodicals archive ?
The CID process authorized the city to borrow up to $280,000 to cover the cost of the special assessments that become due during the two-year period, giving the city the flexibility to either borrow the money immediately through a general obligation bond or use cash on hand to cover the cost of the special assessment reimbursements.
In denying Big Ridge's motion to compel the release of the SAFs in this case, McCarthy agreed that the SAFs are part of a pre-decisional process that contain the inspector's recommendations, and his supervisor's, assistant district manager's, and district manager's review and comments on whether the violations at issue were flagrant and whether they warrant a special assessment.
The principles emanating from the Florida Statutes and court decisions suggest that there are four requirements for a special assessment.
1] Over its relatively long history, legislation and case law have culminated in a fairly uniform body of rules that define the modern special assessment process around the United States.
A collateral tax issue raised by the new special assessment is whether it can be carried back under the special 10-year loss carryback rules for certain Federal liabilities provided in Sec.
SPECIAL ASSESSMENTS ON PARITY WITH PROPERTY TAXES: Special assessments are levied on the property tax bill and carry the same lien on land as property taxes, ahead of all other liens including mortgage liens.
Tax revenues will not rise as a special assessment district develops, but the debt burden will improve.
The special assessment will be set to provide a 10% margin of coverage which could offset an estimated 500 tax delinquencies/unsold tax certificates out of 4,646 accounts.
The maximum penalty for the conspiracy count is 5 years imprisonment, a fine of $50,000 per day for each day of violation or a $500,000 fine, whichever is greater, a 3 year period of supervised release and a $50 special assessment.
These are undertaken at the property owners' initiative and authorized by special assessment petition.
NEW YORK -- Fitch Ratings has downgraded to 'BB' from 'BBB+' the rating on the $69 million Toledo-Lucas County Port Authority, OH (Crocker Park Public Improvement Project) special assessment revenue bonds, series 2003.
The special assessment database is currently based on Microsoft Access and has not been kept up to date with the latest releases.

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