Property Ownership
In Wisconsin, a special assessment is levied by a municipality to pay for:
AGeneral operating expenses of city government
BPublic improvements that specifically benefit the assessed properties (e.g., new sidewalks, sewer lines)✓ Correct
CStatewide highway construction
DSchool district operating budgets
Explanation
Special assessments are charges levied on properties that directly benefit from specific public improvements, such as new sidewalks, streets, or sewer lines. Only the benefiting properties are assessed, not all properties in the district.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
DeedA 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.
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