Special assessment
A one-time charge an HOA bills owners when its reserves can't cover a big repair.
A special assessment is an extra, one-time bill an association levies on top of regular dues when an expensive project — a new roof, repaved roads, a ruptured sewer line, or earthquake repairs — costs more than the [reserve fund](/glossary/reserve-fund) holds. Depending on the project, your share can range from a few hundred dollars to tens of thousands, which is why a well-funded reserve matters so much to buyers. Many states cap how large an assessment the board can impose without a member vote (California's Davis–Stirling Act, for example, limits it to 5% of the annual budget). Before buying into an association, ask for the reserve study and the history of past assessments — [more on the money side of HOA living](/guides/hoa-vs-homeowner-maintenance-responsibilities).