Glossary
What is a special assessment?
A one-time charge beyond the regular assessment, levied to cover a shortfall or a project the budget and the reserves cannot: a roof, a lawsuit, a storm.
In Havn
A special assessment in Havn is its own fund with its own schedule, shows on every owner's portal, and is disclosed on the resale certificate automatically.
Fund accountingA special assessment is approved by the board, or by the owners above a threshold the declaration or the statute sets. Several states limit what a board may levy on its own authority in a year and require an owner vote above that. The notice to owners usually must state the purpose and the amount.
It can be due in one payment or in installments, and it is tracked as its own fund so the money raised for the roof is spent on the roof. A buyer's resale certificate must disclose a special assessment that has been approved or is under consideration.
Keep Reading
Guides
- HOA Special Assessment RulesA special assessment is the charge nobody budgeted for.
- How Much Should an HOA Have in Reserves?There is no right dollar figure, only the number a reserve study produces for your roofs, your pavement, and your pool.
Templates
- HOA Dues Increase and Special Assessment Notice TemplateA free HOA letter template for a dues increase or a special assessment: the new amount and when it starts, why, the payment schedule, how to pay, and where to ask questions.
- HOA Election Ballot TemplateA free HOA ballot template for director elections and owner votes: candidates with write-ins, yes or no measures, instructions, and the two-envelope method for a secret ballot.
Laws and Documents
- HOA laws by stateEvery state's association statutes and resale rules on one map.
- HOA letter templatesFree notices, ballots, and letters a board can copy and send.
See how Havn handles it with your own community.
HOA management software with a homeowner portal owners actually use. Resale documents are included; the requester pays for each one.