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

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

From New York Times

But even its Crime Victims Fund depends on fluctuating criminal fines, penalties, forfeited bail and other special assessments, which has also meant financial uncertainty.

From Seattle Times

"There are flaws in the FDIC’s rationale for the special assessment methodology," the Bank Policy Institute, which represents larger banks, said in a July 21 letter.

From Reuters

To recoup the loss to the FDIC’s Deposit Insurance Fund, the special assessment will charge 0.125% of each bank’s uninsured deposits over $5 billion.

From Washington Times

"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