Definition of Special Assessments:
Orange County Special Assessments:
Special Assessments refers to fees that a local Orange County Homeowners Association would charge to owners to cover the costs of building repair that exceed the amount in the current annual operating budget. Upcoming special assessments are required to be included in the CC&R's for a condo building, so it is important to read them carefully to make sure you understand what you could pay for if you decide to buy a unit. Buyers receive the CC&Rs within 3 – 7 days after they submit an offer on a condominium in the building. A special assessment also refers to the local Orange County charges on homeowners for utilities, road maintenance, and other services like fire protection and street lighting.