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 Many HOAs in the past few years have had to impose major special assessments to pay for unexpected huge insurance cost increases, and sometimes major project refurbishments require a special assessment to make bank loan payments. Kelly G. Richardson, San Diego Union-Tribune, 27 Jan. 2024 Like its peers, Goldman had to recognize a special assessment by the Federal Deposit Insurance Corp. Annamaria Andriotis, WSJ, 16 Jan. 2024 The company also recorded a $1.7 billion charge to operating expenses in the quarter to cover a special assessment to replenish the Federal Deposit Insurance Corp.’s coffers after a series of bank collapses last year. Todd Gillespie, Fortune, 12 Jan. 2024 Can the budget handle an emergency roof repair or that parking lot resurfacing without a special assessment? Dusty Parnell, Idaho Statesman, 31 Jan. 2024 Boards not following the reserve study expert’s recommendations are also wasting the expense of the study and leaving the HOA exposed to the need for loans or major special assessments. Kelly G. Richardson, San Diego Union-Tribune, 18 Nov. 2023 When an insurer goes bankrupt, its existing debts are transferred to the Florida Insurance Guaranty Association, which recoups those costs with special assessments that are passed to customers by remaining insurers. Ron Hurtibise, Sun Sentinel, 10 Jan. 2024 Without diligently accumulating reserve funds over the course of years, aging communities are at risk of major special assessments and/or long-term bank loans to repair major building components (roofs, plumbing, balconies, and the like). Kelly G. Richardson, San Diego Union-Tribune, 9 Dec. 2023 One other theme aired in the congressional hearings deserves scrutiny — that small community banks shouldn’t be saddled with the costs of the special assessment imposed to cover the SVB and Signature failures. Michael Hiltzik, Los Angeles Times, 21 Apr. 2023 See More

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 29 Feb. 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
Last Updated: - Updated example sentences
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