12. Special assessments are for an
unexpected expense.
Occasionally, a special assessment is needed to pay for an unexpected
cost. This could be an increase in insurance or a surprise repair bill for a
pool or clubhouse. In these cases, the board has the option to pass a special
assessment to cover the additional costs.
Special assessments are almost always tied to direct cost. How your HOA
divides that cost is up to the board and governing documents. It's common
for an HOA to share the total costs equally among all residents. For
example, if there was an unexpected elevator repair of $100,000, then the
board may ask each of their 100 residents to pay $1,000 to cover the total
repair bill.
