Escrow & Title
In South Dakota, a 'special assessment' lien on a property arises when:
AThe property fails a building inspection
BA government entity levies a specific charge against a property for a public improvement that specially benefits the property✓ Correct
CThe property owner is delinquent on general property taxes
DA homeowners association levies a maintenance fee
Explanation
A special assessment is a charge levied by a government entity against properties that specifically benefit from a public improvement (such as a new sidewalk, sewer line, or street paving). Unlike general property taxes, special assessments are tied to a specific improvement and are imposed on the properties that benefit.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
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