What is a condominium maintenance fee? What is a special assessment?
In order to maintain the exterior of the building, its gardens, walkways and other common elements, as well as the security of the building, unit owners contribute to a shared budget. This contribution is the condominium maintenance fee. In order to pay for its property taxes, the insurance of the building, as well as special projects such as repainting the exteriors and/or the interiors of the building, unit owners contribute to another shared budget. This contribution is the condominium special assessment. Maintenance fees are intended for the day-to-day expenses of the condominium and are billed monthly, whereas special assessments are intended for the annual, as well as the occasional, expenses of the condominium and are billed annually.
