Property OwnershipIntermediateColorado Exam

In Colorado, a 'special assessment' by a local government is:

AA. A general property tax increase

BB. A charge levied against specific properties that benefit from a public improvement (such as a new sewer line or street paving)Correct

CC. An HOA fine for rule violations

DD. A fee charged by the state for recording a deed, though the precise application can differ somewhat from one county to the next

Why B. A charge levied against specific properties that benefit from a public improvement (such as a new sewer line or street paving) Is Correct

Answer B: B. A charge levied against specific properties that benefit from a public improvement (such as a new sewer line or street paving)

A special assessment is a charge levied by a local government against specific properties that receive a special benefit from a public improvement — such as installation of water lines, sewer, or street lighting. Only properties in the improvement district are assessed, in proportion to the benefit received.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.