What is a special assessment?

A special assessment is a type of property tax imposed in New Mexico. It differs from a regular property tax in that it is an additional fee levied against certain types of properties. It is usually used to pay for specific services, such as improving sidewalks, repairing roads, or maintaining parks. Special assessments are distinct from regular property taxes, as they are not based on the value of the property itself. Instead, they are based on the estimated cost of the service provided. For example, if a city wants to improve sidewalks along a certain street, they will assess a special assessment to pay for the project. Special assessments are also commonly used in public utility projects. For example, if an electric company needs to install new power lines, they may assess a special assessment on the property owners in the area to cover the cost of the project. Special assessments are not the same as special taxes, which are taxes that apply to a specific group of people or situation. Special assessments are typically one-time fees, while special taxes are ongoing sources of revenue for government agencies. Overall, special assessments are a type of property tax that is used to pay for specific services or projects. They are based on the estimated cost of the service and are distinct from regular property taxes and special taxes.

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