special assessment

American  

noun

1. a tax levied by a local government on private property to pay the cost of local public improvements, as sidewalk construction or sewage disposal, that are of general benefit to the property taxed.

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special assessment British  

noun

1. (in the US) a special charge levied on property owners by a county or municipality to help pay the costs of a civic improvement that increases the value of their property

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Etymology

Origin of special assessment

First recorded in 1870–75

Example Sentences

See Examples For:

special assessment

The board passed a catastrophic special assessment of $70,000 per unit over two fiscal years, with an additional assessment of $50,000 to $75,000 anticipated for 2026.

From MarketWatch ● Jul. 7, 2026

Upgrades through these loans can be treated as a public benefit and repaid through a special assessment on the property tax bill, which can reduce risk and lower capital costs.

From The Wall Street Journal ● Apr. 16, 2026

A special assessment by the Federal Deposit Insurance Corporation had reduced per-share earnings by 74 cents, the bank said.

From New York Times ● Jan. 12, 2024

"While the special assessment is meaningful in terms of dollars overall to the industry, it is not as meaningful on a per-bank basis," Raymond James analysts wrote in a note.

From Reuters ● May 12, 2023

He was ever first to talk in favor of any new imposition of taxes, or special assessment, especially when he smelled a contract or a farming assignment behind it.

From The Social Cancer by Derbyshire, Charles E.