Anyone faced with a notice of special assessment will want to know what it means.
A special assessment is a levy placed on owners in an HOA community. A special assessment raises funds to pay for a project. Typically, this is an unexpected cost that lies outside the scope of what has been saved for in a reserve fund. Any condo association or HOA can assess the owners for these special projects when necessary. Special assessments are in addition to ordinary dues!
If you live in or are buying an HOA property you should take a close look at the budget, financials and reserve study to see whether the community is properly funded. We also get questions about what happens if you can’t pay your HOA, so have a post about that here.
Want to see what your HOA has said about special assessments? Run a free Eli Report!