What is the new Special Assessments” Disclosure?
The Special Assessments” disclosure was brought about by the passage of California Senate Bill 1122, which requires sellers of residential properties of 4 units or less to disclose whether the property is within a special assessment” district. The items being referred to as special assessments” are those that have been levied under the Bond Improvement act of 1915, and are fixed lien assessments that are collected in installments to secure improvement bonds issued under the Act. These assessments are different than, and in addition to, those issued under the more well-known Mello Roos Community Facilities Act. The law requires that the seller make a good faith effort to provide a Notice of Special Tax” from each local agency that levies the special tax, as long as the notices are made available by the local agency. Cities and Counties vary in terms of where this type of information may be made available, and include offices such as: the local Controller, Finance Department, Treasurer o
The “Special Assessments” disclosure was brought about by the passage of California Senate Bill 1122, which requires sellers of residential properties of 4 units or less to disclose whether the property is within a “special assessment” district. The items being referred to as “special assessments” are those that have been levied under the Bond Improvement act of 1915, and are fixed lien assessments that are collected in installments to secure improvement bonds issued under the Act. These assessments are different than, and in addition to, those issued under the more well-known Mello Roos Community Facilities Act. The law requires that the seller make a good faith effort to provide a “Notice of Special Tax” from each local agency that levies the special tax, as long as the notices are made available by the local agency. Cities and Counties vary in terms of where this type of information may be made available, and include offices such as: the local Controller, Finance Department, Treasur
