Special Assessments

There are two types of Special Assessments.  One is a charge issued to homeowners living in neighborhoods with Home Owners Associations by the association.  This assessment is usually issued to cover costs of building repairs or improvements that exceed the amount of their current budget.  The other is a charge issued by the local city government to homeowners for special projects such as road maintenance and street lighting.  These assessments are usually paid for in monthly installments.  When buying a home the seller can pay the prorated amount for the assessment up to the day of closing, and the buyer will pay the remainder of the assessment.