Special assessments are one-time fees that homeowners pay when their HOA lacks sufficient funds to address major repairs or costs. These fees are becoming increasingly common in regions affected by climate change, such as Florida and California. Established through homeowner votes or HOA guidelines, these assessments can be paid all at once or in installments. Understanding the procedures and rights regarding these assessments is essential for homeowners to effectively manage potential financial impacts and ensure transparent communication within their community.
Depending on how your HOA operates, they might ask for it all at once, or allow monthly or quarterly installments, explains Jeremy Smith, real estate adviser at Engel & Völkers Atlanta.
These assessments are usually approved by the association or through a vote by homeowners, depending on the community's governing documents. Clear communication and planning are key to minimizing the frequency and impact of special assessments, says Richard Alfonso, director of association banking at U.S. Century Bank in Miami.
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