exactionɪgˈzæk ʃən
exaction (n)
- plural
- exactions
English Definitions:
exaction (noun)
act of demanding or levying by force or authority
"exaction of tribute"; "exaction of various dues and fees"
exaction (Noun)
The act of demanding with authority, and compelling to pay or yield; compulsion to give or furnish; a levying by force; a driving to compliance; as, the exaction to tribute or of obedience; hence, extortion.
exaction (Noun)
That which is exacted; a severe tribute; a fee, reward, or contribution, demanded or levied with severity or injustice.
Exaction
An exaction is a concept in US real property law where a condition for development is imposed on a parcel of land that requires the developer to mitigate anticipated negative impacts of the development. The rationale for imposing the exaction is to offset the costs, defined broadly in economic terms, of the development to the municipality. Exactions are similar to impact fees, which are direct payments to local governments instead of conditions on development.
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"exaction." Kamus.net. STANDS4 LLC, 2024. Web. 28 Mar. 2024. <https://www.kamus.net/english/exaction>.
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