special assessment

Definition

An additional fee charged by HOAs or municipalities for specific improvements or repairs not covered by regular dues or taxes. It's the surprise bill that reminds you that common ownership comes with uncommon expenses.

Example Usage

The condo board levied a $15,000 special assessment per unit to replace the failing roof, payable within 90 days.

Origin

Municipal finance and common interest development terminology

Fun Fact

Special assessments can legally become liens against your property if unpaid, giving them the same foreclosure power as property taxes.

Source: HOA and municipal finance terminology

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