U.S. Mortgage Index

Special assessment

Definition

A special assessment is an extra charge for a specific project, often levied by a homeowners association or a local government. It is not the same as regular HOA dues or ordinary property tax.

In plain English

Regular HOA dues cover ongoing shared costs. A special assessment is an additional bill, often for a roof, a lawsuit, or another named project. Local governments also use special assessments for public improvements. This page covers the extra-charge idea. It does not list who may levy one.

Technical definition

Fannie Mae’s consumer glossary includes a condo special assessments heading. That consumer identity is PRIMARY for the association form of this charge.

Why it matters

Underwriting and resale talks treat unpaid assessments as obligations against the property, separate from monthly dues.

Sources reviewed