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Q.What is a special assessment?
Who determines the amount and how its paid?
A.A special assessment is an assessment for an association expense that was either under-budgeted or not budgeted. The homeowners association can require a special assessment to be made payable in a single installment, or in multiple installments over a period of time.
Typically, the Board has the power to impose small special assessments and to determine the payment schedule, if any. Some governing documents, however, require homeowner approval for all special assessments. Where the governing documents do not require homeowner approval, California law requires homeowner approval for special assessments that total more than 5% of the budgeted expenses for any given year, except in the case of an emergency.
How special assessments are allocated among the homeowners is determined by the governing documents (Bylaws and/or CC&Rs). All homeowners must be notified of a new or increased special assessment by first-class mail 30 to 60 days before it is due.
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