Special Assessment Tax

外汇网2021-06-19 13:59:49 122

The levy assessed against the portion ofa property that has been condemned by a public authority. The special assessment tax will reduce the amount of compensation awarded to the property owner because the owner is considered to have also benefited from the improvement.

A public authoritycan only make a partial condemnation it needs to make way for a public improvement. If the amount of the tax exceeds the compensation, then the difference is added to the basisof the property.

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