Definition
A member vote on whether to levy an unbudgeted assessment for unexpected expenses or accelerated projects. Opposition can block assessments in many jurisdictions.
Not sure where this fits?
Answer a few questions and we’ll open the path that fits, at the right step.
Find my pathAbout this term
Special assessments address unexpected costs like roof emergency repairs or pool equipment replacement. Member votes determine if assessment is approved and collected. Opposition can block assessments in many jurisdictions. Special assessment levies significantly increase member financial obligations.
Pro Tip
Review HOA meeting minutes for special assessment history. Frequent assessments mean higher costs.
Example
Members vote on a $500 special assessment per unit to fund emergency roof repairs not included in annual budget.