Home Buying in 60604>Question Details

Nina, Other/Just Looking in 60604

What are homeowner SSA Taxes ?

Asked by Nina, 60604 Sat Jul 9, 2011

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SSA = Special Service Area. It's generally for the cost of developing an area that is without sufficient services for the new development (schools, roads, fire department, etc.). The developer finances it and passes the note onto the new homeowners; it's usually amortized over 30 years.

In my opinion, SSA is a bad idea because of all the extra costs it adds on, like a tax (sometimes it's added directly into the property taxes). This is a cost that the developer should have taken on or incorporated into the cost of the lot, but instead decided to be sly and make the homeowner pay it. Home values in SSAs have suffered particularly during this housing downturn.
0 votes Thank Flag Link Sat Jul 9, 2011
Special Service Area. This happens in suburb neighborhood areas that may be getting something done in the neighborhood. EX: switching from welll water to sewer, this becomes a SSA and you pay for this, much like a special assessment in a condo building.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Sat Jul 9, 2011
Hi Nina,

In looking at the zip code you are interested in, I have the feeling you might be referring to the special tax for the Near East Side. The tax in that area is applied to the upkeep of the beautiful landscaped park and grounds of the development and is paid by everyone who lives there.
0 votes Thank Flag Link Sat Jul 9, 2011
In some suburbs/rural areas there are Special Service Areas where the local goverment charges all homeowners an additional tax/fee/charge for living there. They are to pay for servies in the neighborhood. It is like a monthly assessment in a condo, but can be charged monthly/quarterly/yearly etc.
0 votes Thank Flag Link Sat Jul 9, 2011
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