Definition
A charge levied by a taxing authority or HOA for a specific improvement or capital need.
Example
The condominium association levied a $9,400 special assessment per unit for facade repairs.
Related terms
Frequently asked questions
What does Special Assessment mean in real estate?
A charge levied by a taxing authority or HOA for a specific improvement or capital need.
How is Special Assessment used in practice?
The condominium association levied a $9,400 special assessment per unit for facade repairs.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.