Special assessments are a type of common expense fee. They can be charged by a condo corporation from time to time in addition to the regular monthly condo fees. Special assessments may be charged to help pay for unexpected major repairs or shortfalls in the reserve fund.
The condominium declaration sets out how much each condo unit will pay when there is a special assessment. It is the same percentage that is used to determine an owner’s share of monthly condo fees.
A special assessment is set by the condo board and does not need to be approved by all owners. You have the right to request copies of financial records from your board, as long as you put your request in writing and give reasonable notice.