What is a special assessment in a homeowner’s association?
Special assessments come up when the association doesn’t have budgeted funds to pay for something. Normally, if there’s expenditures, if there’s planned repairs, the association’s going to budget for that in advance. If we have community property, a pool, a clubhouse, when repairs are needed for the pool or the clubhouse, that’s going to be budgeted for. Those are going to be regular assessments that you’re going to pay.
When something pops up outside the ordinary, something on an emergency basis or just something that simply wasn’t planned for, that’s going to be assessed against all the homeowners as a special assessment over and above the general assessments.