special assessment

special assessment definition - business

special assessment

A charge levied against specific parcels of real property with proceeds used to defray all or a portion of the cost of improvements that will benefit the property. For example, a special assessment by a homeowners' association raises funds to pay for new sidewalks.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.