Special Assessment
A special assessment is an additional charge levied on unit owners beyond regular common charges to fund specified costs (for example, capital repairs or litigation). It is typically authorized and administered under the declaration/by-laws and managed by the board.
- Where it applies
- New York State
- When it comes up
- Governance; resale diligence
- Property types
- Condos
Read more in the Knowledge Base
- Homeowner Associations and Community Governance in New York Residential DevelopmentsBuyers
- HOA and Community Governance Disclosure for Suburban Property SalesSellers
- Interpreting Board Minutes - What the Paper Trail RevealsBuyers
- Information Asymmetry - Identifying Market Signals in Opaque Building DataBuyers
- The Offering Plan Audit - Uncovering Sponsor Rights and Building ObligationsBuyers
Related terms
Condominium Governance
General information, not legal, tax or financial advice.