§ 278. Definitions. For purposes of this article the following definitions shall apply:

1. the term "board of supervisors" shall be deemed to mean "county legislature" in those counties having county legislatures;

2. the term "typical property" shall mean a benefited property having an assessed value that approximates the assessed value of the mode of the benefited properties situated in the district or extension that will be required to finance the cost of the proposed improvements;

3. the term "typical one or two family home" shall mean a benefited property improved by a one or two family dwelling and having an assessed value that approximates the assessed value of the mode of the benefited properties improved by one or two family dwellings situated in the district or extension that will be required to finance the cost of the proposed improvement;

4. the terms "cost of the district or extension to the typical property" and "cost of the district or extension to the typical one or two family home" shall mean the amount that it is estimated that the owner of such a typical property or home within the district or extension will be required to pay for debt service, operation and maintenance and other charges, such as user charges, related to the improvements in the first year following formation of the district or extension or, if greater, in the first year in which both principal and interest on any indebtedness and operation and maintenance costs will be paid;

5. the term "mode" shall mean, in connection with assessed value of property, the most frequently occurring assessed value as shown on the latest completed final assessment roll.