Condo Special Assessments in Florida: What Buyers and Owners Need to Know

What is a condo special assessment in Florida?

A condo special assessment is a one-time charge that a Florida condominium association levies on unit owners, on top of regular monthly or quarterly fees, to pay for a specific cost the budget does not cover: structural repairs, roof or facade work, insurance deductibles or reserves the building must now fund by law. Each owner pays a share set by the declaration, usually based on the unit’s ownership percentage. Since Florida’s post-Surfside laws took effect, condo special assessments have become one of the biggest factors in what a Miami condo really costs.

By Erika Schell, P.A. | September 2026

Key takeaways

• Condo special assessments in Florida are one-time charges for a specific purpose, and the money can only be used for that purpose.
• Most condo special assessments in Miami today come from milestone inspections, structural integrity reserve studies (SIRS) and the end of waived reserves.
• Before you buy, find out about condo special assessments that are approved, proposed or likely, and negotiate who pays them in the contract.

Buyers ask me about condo special assessments more than any other topic this year, and sellers ask me how to handle them without losing the sale. Here is how they work, why they are so common in Miami right now, and what to do about them.

Why condo special assessments are so common in Miami

After the Champlain Towers South collapse in Surfside in 2021, Florida changed the rules for condominium buildings:

• Milestone inspections. Buildings of three or more habitable stories need a structural inspection once they reach a certain age, and periodically after that.
• Structural integrity reserve studies (SIRS). The same buildings must have a SIRS, due by December 31, 2025 for existing associations and every 10 years after that.
• No more waiving reserves. Associations can no longer waive or reduce reserves for key components such as the roof, structure, fireproofing, plumbing, electrical, waterproofing and windows.

Many buildings from the 1970s and 1980s had kept fees low for years by waiving reserves. When inspections found repair needs and the law required full reserve funding, associations had two ways to raise the money: higher monthly fees or special assessments. Many chose assessments, some of them in the tens of thousands of dollars per unit.

What changed in 2025 (HB 913)

In 2025 Florida passed HB 913, which took effect July 1, 2025 and gave associations more flexibility:

• Financing options. With the approval of a majority of the voting interests, associations may fund required reserves through a special assessment, a line of credit or a loan.
• A temporary pause. After a milestone inspection, an association may pause or reduce reserve contributions for up to two consecutive annual budgets to pay for the necessary repairs, with a majority vote. A new SIRS is required before normal contributions resume.
• Clearer scope. The inspection and SIRS rules apply to buildings of three or more habitable stories.
• More time for buyers. The rescission period for resale condo purchases increased from 3 to 7 days, giving buyers more time to review the association documents.

In practice, a loan or line of credit can replace a large lump-sum assessment with a smaller, longer-term cost built into monthly fees. That helps owners who cannot write a big check, but the building still carries the debt.

How condo special assessments are approved and collected

Under Florida’s Condominium Act, a board meeting where special assessments will be considered must be noticed to owners in advance, and the notice must state the purpose of the assessment. The funds collected must be used for that purpose. Payment terms vary: some assessments are due in one payment, others in installments over months or years.

Unpaid assessments become a lien on the unit, and the association can foreclose on that lien. If an assessment is a hardship, talk to the association early: many boards offer installment plans, and some buildings use a loan precisely so owners can pay over time.

If you are buying a condo

Condo special assessments should be part of your price analysis, not a surprise after closing. Before making an offer, ask for:

1. The latest milestone inspection report and SIRS, which must be made available to prospective buyers.
2. The current budget, the reserve schedule and whether reserves are fully funded.
3. The minutes of recent board and owner meetings, where proposed assessments usually show up first.
4. Details of any approved assessment: total amount, your unit’s share, schedule and what has already been paid.
5. Any association loan or line of credit, and how it is being repaid.
6. The master insurance policy and deductibles, since a large hurricane deductible can itself lead to an assessment.

Then use the rescission period to read everything. If an assessment is approved, negotiate who pays it: the seller at closing, a price reduction or a credit. Also confirm that the building qualifies for your loan. Lenders often decline condos in buildings with unfunded critical repairs, and MIAMI REALTORS® reports that only 21 of 2,397 condo buildings in the region qualify for FHA financing. Our guide to buying a luxury condo in Brickell and Edgewater and our Miami condo market analysis give more context.

If you are selling a condo

• Disclose early. Buyers will find condo special assessments in the association documents. Being upfront keeps the negotiation on price, not on trust.
• Consider paying it. Paying an approved assessment at or before closing removes the buyer’s biggest objection and can widen your buyer pool, especially financed buyers.
• Price for the building, not just the unit. Buyers compare your unit with units in buildings that have finished their repairs. Factor the assessment into your pricing strategy.
• Know your net. An assessment affects your proceeds just like closing costs and taxes. Our articles on what it costs to sell in Miami and capital gains tax when selling in Florida help you estimate what you keep.

For the full process, read our guide on how to sell a luxury home in Miami.

If you are an investor

For rental condos, condo special assessments are a real cost of ownership. Build a reserve for them in your projections, compare buildings on reserve funding rather than monthly fees alone, and ask your CPA how the assessment should be treated for taxes, since repairs and improvements are handled differently. Our overview of investing in Miami luxury real estate covers the bigger picture, and our article on CDD fees vs. HOA fees explains another cost that often confuses buyers.

A large master-policy deductible after a storm is a common source of assessments; see how the hurricane deductible in Florida works.

Frequently Asked Questions

What is a special assessment on a Florida condo?

It is a one-time charge the condominium association levies on owners, in addition to regular fees, to pay for a specific expense such as structural repairs, roof work, insurance deductibles or required reserves. The money can only be used for the stated purpose.

Who pays the special assessment when a condo is sold?

It is negotiable. The purchase contract addresses assessments, and buyers and sellers often agree that the seller pays an approved assessment at closing or gives the buyer a credit. Review the contract terms with your agent and attorney.

Can a Florida condo association foreclose for an unpaid special assessment?

Yes. Unpaid assessments become a lien on the unit, and the association can foreclose on that lien. Many associations offer installment plans, so it is important to contact the board early.

Can a condo association borrow money instead of assessing owners?

Yes. Since HB 913 took effect on July 1, 2025, associations may fund required reserves through a special assessment, a line of credit or a loan, with the approval of a majority of the voting interests.

How do I know if a condo building has a special assessment coming?

Read the milestone inspection report, the structural integrity reserve study, the budget and reserve schedule, and recent board minutes. Underfunded reserves and large repair needs are the clearest warning signs.

Evaluating a specific building?

I can help you review a building’s documents, compare it with alternatives and factor any assessment into a fair offer. If you are selling, I can show you how to present an assessment so it does not stall your sale. Reach out through the contact page or call (786) 801-4442. I work in English and Spanish.

Lea esta guía en español: cuotas especiales de condominio en Florida.

About Erika Schell, P.A.
Erika Schell is a Luxury Certified REALTOR® with The Keyes Company, affiliated with Forbes Global Properties, and an 8-time Top Producer at Keyes Doral serving buyers, sellers, and investors across Miami-Dade County. Florida Real Estate License #3366404. With a Master’s in Finance and more than 20 years of corporate experience, Erika brings the precision of a financial analyst to every luxury transaction. This article is general information, not legal or tax advice. Sources: Florida Senate, CS/CS/HB 913 (2025) bill summary; Florida DBPR, condominium FAQs; MIAMI REALTORS®.