Assessment
Also known as: HOA Dues, HOA Fees, Maintenance Fees, Common Charges
A regular charge levied on each homeowner to fund the operations and maintenance of the common areas and shared facilities. Assessments are typically collected monthly or quarterly and are based on the annual operating budget and reserve contributions. Failure to pay assessments can result in late fees, liens, and potentially foreclosure. Assessment amounts are determined by the board based on the budget.
Common Misunderstanding
Assessments are not optional membership fees. They are legally binding obligations that run with the property.