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special assessment
noun
: a specific tax levied on private property to meet the cost of public improvements that enhance the value of the property
Examples of special assessment in a Sentence
Recent Examples on the Web
With so many South Florida condominium communities experiencing financial challenges, some associations and their boards of directors may wish to develop new sources of revenue to help mitigate raising owners’ monthly dues or implementing special assessments.
—Shari Wald Garrett, Miami Herald, 2 June 2024
Raising association budgets and implementing special assessments for specific projects can be a recipe for hostility and dissent that becomes too much to bear for even the most ardent and effective board member.
—Gabriella M. Ruiz, Miami Herald, 13 May 2024
And condo owners are getting hit with special assessments and higher dues because premiums are skyrocketing for homeowners associations.
—Judith Kohler, The Denver Post, 11 May 2024
Last year’s regional banking crisis — which created ripple effects throughout the banking sector, including more than $20 billion in charges to big banks related to the FDIC’s special assessment — also sparked fears of a contagion akin to the 2008 financial crisis.
—Rocio Fabbro, Quartz, 2 May 2024
See all Example Sentences for special assessment
These examples are programmatically compiled from various online sources to illustrate current usage of the word 'special assessment.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.
Word History
First Known Use
1875, in the meaning defined above
Time Traveler
The first known use of special assessment was
in 1875
Dictionary Entries Near special assessment
Cite this Entry
“Special assessment.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/special%20assessment. Accessed 17 Jun. 2024.
Legal Definition
special assessment
noun
: a specific tax levied on private property to meet the cost of public improvements that provide a special benefit enhancing the value of the property
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