A special assessment is a one-time charge the association levies when the reserves can't cover a needed repair. One assessment can be bad luck. A pattern of them is a governance and funding problem — and a reliable predictor that another is coming.
The pattern to watch
- Two or more special assessments in the last five years
- Reserves funded well below 100% of target
- Dues far below comparable buildings (deferred cost, not a bargain)
- An aging building with no recent structural study
When you see several of these together, treat the quoted dues as a floor, not the real cost of ownership.