
When you own a condo, you might encounter a special assessment, an additional fee your association can impose for unexpected expenses. These assessments, also called special levies, typically result from significant repairs or upgrades exceeding the regular budget. Understanding how these fees are calculated and what they mean for your ownership is essential. If you're wondering what could happen if you don't pay a special assessment or how special assessments impact your investment, keep reading to uncover the implications for you and your property.
5 Things to Know About Special Assessments
- A special assessment is an additional fee condo associations impose for unexpected expenses not covered by reserve funds.
- Each unit owner's assessment