ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A special assessment tax is a surtax levied on property owners to pay for specific local infrastructure projects such as the construction or maintenance of roads or sewer lines. The tax is charged only to the owners of property in the neighborhood that will benefit from the project.

Detailed explanation-2: -Examples Of Special Assessment Taxes Water and sewer lines. Streets, roads and sidewalk paving. Infrastructure projects. Street lighting.

Detailed explanation-3: -Fringe benefit tax (FBT) was a form of tax that companies paid in lieu of benefits they offered their employees in addition to the compensation paid to them. It was included by the Finance Act 2005 with effect from April 1, 2006.

Detailed explanation-4: -A special assessment is a charge imposed by an HOA on its members for a specific purpose, such as capital improvements or repairs and maintenance. Special assessments are typically levied in addition to the regular monthly or annual assessment.

Detailed explanation-5: -Ad valorem taxes are levied against real property, but special assessments are not. Ad valorem taxes are a percentage of the fair market value of real property based on its most recent sale or improvement and are collected annually.