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What Is a Condo Assessment in New York City? - Peter Zinkovetsky
From Avenue Law Firm - What Is a Condo Assessment in New York City? explains how a special assessment adds a separate charge beyond a unit owner's regular common charges, and why a condo board may impose one to cover a major repair, capital project, emergency expense, or budget shortfall. The guide outlines how these charges can be billed as a lump-sum payment or spread across installments, and notes that common charges are instead calculated based on each unit's percentage of common interest as fixed in the condominium declaration. It also distinguishes a special assessment from a common…
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