Property Ownership
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
Explanation
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.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Math Concepts
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