What is the role of special assessments in an HOA?

Special assessments are the fees that members of a Homeowners Association (HOA) must pay in addition to their regular dues. In Washington, an HOA can assess a special assessment when it needs additional funds to pay for a short-term expense or a long-term project. All members of the HOA must pay the same amount and they must pay it within a certain time frame. The HOA must also notify each member of the assessment and the due date. The purpose of the special assessments is to help the HOA meet its financial obligations. For example, a special assessment might be used to pay for repairs to community-owned structures, improvements to common areas, or insurance for the HOA. Special assessments are also used for community projects, such as installing streetlights or landscaping. Members of the HOA may disagree about the amount of the assessments, which can cause tension between members and the HOA. Therefore, special assessments should only be used when necessary and the amount should be reasonable. If the members of the HOA do not approve the assessment, they can petition to have it rescinded. In summary, special assessments are an important part of an HOA’s financial plan, but should be used cautiously. They are used to pay for projects that benefit the entire community, but they can cause conflicts if they are not used in the right way.

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What is the role of special assessments in an HOA?

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