Special Assessments

Special Assessments – Who? What? Where? Why? You get the picture. A special assessment is SUPPOSED to be for items not budgeted for by the association board. However many associations do not set aside any money for anything other than the typical expenses so if there’s any kind of an ‘unexpected’ expense then they require a special assessment to pay for it. And, yes you must pay a properly levied special assessment. The condo or HOA recorded documents will spell out the process for levying and collecting a special assessment. And let’s face it. NO one likes to pay these BUT when many owners are presented with a budget that includes reserves for replacement for depreciating common elements like roofs, parking lots and sea walls they ‘balk’ at the high monthly fees. If a condominium has a “fully funded” reserve account then this is something which is valuable to a buyer although it typically comes with high fees than can scare them off. The Marina Tower building, in fact all the associations, at Old Port Cove is a great example of this. The fees are over 800 a month BUT they just completed all kinds of sprinkler retrofit and exterior concrete repairs with very little $$ as special assessments from owners.