A special tax imposed on
property, individual lots or all
property in the immediate area, for
road construction, sidewalks,
sewers, street lights, etc.
For real
estate purposes, special assessments
are typically conducted in two
areas; taxation and
condominium property. Under
taxation, the government levies the
unit owners in a subdivision for
road construction, major repairs and
improvements.
With
condominium property, special
assessments are levied against all
unit owners to make up a deficiency
in the
reserve fund to support future
repairs and/or improvement
concerning condominium common
elements.
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