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Special Assessment |
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can you please explain what a special service area assessment is and how it affects a purchase and a sale? thank you. |
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Although I'm not familiar with that exact wording, it sounds as if you are asking about a special assessment property tax on the real estate being sold. That would be a tax levied for a few years, to pay for something that benefits only a small neighborhood. Typical examples might be sidewalks on one block, or street lights in the area near a school. Only those homes that get the sidewalks or the street lights would be billed for the extra property taxes, and the whole thing is usually paid off in a few years.
Often the buyers agree to take on the extra taxes along with the property, but the matter is -- like so many other items -- negotiable between buyer and seller. |
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Edith
Originally published on January 17, 2008 |
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