What is a special assessment?
A special assessment is a one-time fee charged to homeowners when the HOA needs additional funds for an unexpected or unbudgeted expense, a collapsed retaining wall, a failing elevator. It’s usually divided evenly among members, though exact rules vary by community.
Why does a special assessment matter?
Nothing tests a board’s relationship with residents quite like an unexpected bill. How clearly a board explains the need for a special assessment often determines whether residents see it as responsible stewardship or a planning failure.
When You’ll Run Into This
This almost always comes up right after something breaks that reserves weren’t set aside to cover. Our guide to what an HOA special assessment is and how to avoid it is worth reading before your community needs one.
