1. Assessments are fees you pay to the HOA.
HOA fees are the monthly, quarterly, or yearly dues residents are responsible for paying.
Renters may also be responsible for paying HOA fees, but usually, they're included in their
rent. These fees are paid to the association and contribute to daily operational expenses
and reserve funds for future repairs and improvements.
2. Assessment might be called something else.
HOA assessments may also be known as regular assessments, HOA fees, or HOA
dues. Whatever term your HOA uses to describe assessments, they generally mean the
same thing.
3. Assessments go towards the betterment of the community.
Typically, the exact amount of your fees will be directly tied to the size, cost, and complexity
of your association's shared amenities. What your HOA fees cover depends on your
association. For some master-planned communities, fees may ensure swimming pools,
fitness equipment, and other amenities like tennis courts and parks are in top shape. Condo
associations may use their fees to maintain lobbies and pay for a trash valet.
