A special assessment is a one-time charge to owners for a project the reserve fund cannot cover. The amount to raise is the project cost minus the reserves available. Each unit then pays an equal share or a share based on its ownership percentage. Enter your figures to see the shortfall, each unit's share and what a loan would cost per month.
Enter the project cost, the reserves available and the units, and the result appears here.
shortfall to raise
per unit, one time
total loan payment per month
| Unit | Ownership | One-time share | Loan payment per month |
|---|---|---|---|
With your inputs
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Subtract the reserves available for the project from the project cost to get the shortfall. Then divide the shortfall among the units, equally or by each unit's ownership percentage, as your governing documents require.
Your governing documents decide, not the board's preference. Many HOAs split common expenses equally. Many condominiums use each unit's percentage of ownership. Check the declaration before you publish any numbers.
Often yes, if the governing documents and state law allow the association to borrow. A loan spreads the cost over years and adds interest. Owners usually repay it through a monthly charge, which this calculator estimates.
It depends on your governing documents and state law. Many require an owner vote above a set amount, with exceptions for emergencies. Ask your association's attorney before levying one.
Keep the reserve study current and fund reserves in line with it. A low percent funded figure is an early warning that a special assessment is more likely.