Special Assessment
An extra one-time charge for a specific local improvement, or a surprise HOA charge for a major repair.
In plain English
A special assessment can come from your local government (funding a specific project like new sidewalks or sewer lines) or from your HOA (covering a major, unbudgeted repair like a roof or elevator). It's separate from your regular recurring tax or dues.
Before buying a condo or HOA property, ask about any planned or recent special assessments — they can be a significant, unexpected expense.
Where you'll run into it
Guides and tools on TheBuyingPath that cover special assessment in context.
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