The short answer
A special assessment is a one-time charge to owners, on top of regular dues, to pay for something the budget and reserves can't cover — usually a major repair or an underfunded replacement. The governing documents set how the board may levy it, whether owners must vote, and how it can be paid, often in installments.
Common causes
- Underfunded reserves when a roof or road comes due
- Storm damage beyond insurance
- Legal judgments or deductibles
- Code-required repairs
How to avoid them
Fund reserves to a current reserve study. See also special assessment in our glossary.