Condo Media - March 2013 - 24

HOMEOWNER’S
COLUMN NAME CORNER

Special Assessments
A Homeowner’s Responsibility, A “Necessary Evil”

T

here’s no way to sugarcoat it:
Everyone hates special assessments. Getting a notice that you
owe more money to the association can not only put a damper on your
day but also a dent in your wallet, both
of which the board is sympathetic to.
In a perfect world, there would never
be a need for special assessments — or
any other type of assessments for that
matter — but sadly, they’re sometimes
a necessary evil.
Often times, special assessments are
levied when the association needs to
make essential repairs, improvements

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or additions to the common elements, but lacks
extra reserve funds to
cover the costs. While
boards may put in their
best efforts to keep a
healthy reserve fund and
to budget in advance for
these types of projects,
occasionally unforeseen
expenses occur. When
this happens, boards have
to call upon residents
to pitch in ﬁnancially so
that the association can
remain solvent. Unfortunately, special assessments aren’t optional
fees, and residents are
responsible for paying
special assessments in the
same way they’re responsible for general association assessments. Just
remember, though, that
these fees are funding projects that will
beneﬁt all residents, and your special
assessment fees are your contribution
toward that.

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& Dialogue

We work to ensure the durability
and attractiveness of the masonry
and other related surfaces of your
community association property.

617-686-3302

Kieran Fitzgibbon – President
kfitzgibbon@statewiderm.com
www.statewiderm.com
24

CONDO MEDIA • MARCH 2013

Of course, boards don’t take levying special assessments lightly. Not
only do they understand that special
assessments can be a hardship for
you, but — since they would also be
responsible for paying their share of
any new special assessment — they’re
an extra ﬁnancial burden on resident
board members as well. Because of
this, boards try to make levying special
assessments a last resort, and, if passed,
may offer payment plans when pos-

sible. There are also regulations set
forth in bylaws that must be followed
before levying a special assessment, and
in some instances may require residents
to vote on the proposed project before
a special assessment can be adopted for
it. Make sure your opinions on these
matters are heard by attending open
meetings and voting on these critical
projects when necessary.
While none of this changes the fact
that having to pay special assessment
fees is about as fun as a root canal,
just remember that it’s all part of
the greater good for the association.
They’re investments to your home and
your community, and can help keep the
association a wonderful place to live for
years to come. CM
http://www.statewiderm.com http://www.statewiderm.com
Condo Media - March 2013

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