Special assessments are one time charges that your corporation uses to fill a budget deficit. Your condo board may need to levy a special assessment for a variety of reasons, like unforeseen expenses, under-budgeting or because they are facing litigation costs. Owners should keep a close eye on condo financials when they are shared with them. Ultimately, the best way to avoid special assessments is sound financial management of the condo corporation. The Condo Authority provides many resources that can help with financial management.
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