Definition

One-time payment requested of condominium owners by the condominium owners’ association due to needed major repair or maintenance measures.

Use

At times large repair or maintenance measures may be needed for the property of a condominium owners’ association (COA) . If the reserves of the condominium owners’ association do not cover these costs, then the association has to levy a special assessment. In the special assessment, the expected costs are distributed to the owners using a suitable key (normally the ownership share). Usually the special assessment is payable in one installment, or in a few partial installments, dependent on the progress of the maintenance or repairs, or dependent on the invoicing dates.

Integration

You map the special assessment in the system using an adjustment measure. You enter the planned or actual costs on the adjustment measure. Using a condition adjustment based on the adjustment measure, you can settle the actual costs with the condominium owners.

For more information, see Settling Special Assessments .