Special Assessment

A special assessment is a one-time bill, separate from your ongoing dues, that an HOA or local authority charges to fund a big-ticket project. Common triggers include a new roof, elevator repairs, repaving, or bringing a building up to code, costs too large to cover from routine reserves.

Condo and HOA buyers should budget for the possibility, since an assessment can land with little warning and run from hundreds to many thousands of dollars per unit. Reviewing the association’s reserve fund and meeting minutes before buying can hint at how likely one is. Because it falls outside your regular monthly payment, a special assessment is exactly the kind of expense that cash reserves exist to absorb. Amounts and frequency vary by community and project.