Virginia guide
Virginia special assessments
Special assessments are how deferred costs in a Virginia association arrive at your door, and the state's reserve law makes them more likely than in funding-mandated states. Because Virginia requires a reserve study every five years but not reserve funding (§55.1-1965, §55.1-1826), boards routinely run reserves below the study's recommendation and close the gap with additional assessments or borrowing.
Risk Intelligence
Get a Free Risk Report on Your Condo or HOA
Expert Matching
Want help acting on what you found?
Under the Condominium Act, when the board determines existing funds are inadequate for necessary expenditures, it may impose an additional assessment — as a lump sum or installments — without waiting for the next budget cycle (§55.1-1964). Approval thresholds, caps, and special-assessment procedures live in the governing instruments rather than the statute, so reading the declaration, budget, reserve study, and minutes together is how you anticipate an assessment.
Board authority to assess
Virginia does not statutorily cap regular-assessment increases; thresholds and caps live in the governing instruments. For additional (special) assessments, the condo board may act mid-cycle once it determines existing funds are inadequate for necessary expenditures (§55.1-1964). The 2024 General Assembly also confirmed that associations may levy assessments to pay the association's contractual or other legal obligations. Read the declaration and bylaws for the specific approval procedure and any owner-vote requirement.
Where the next assessment hides
The most reliable predictors of a coming Virginia special assessment are a reserve balance well below the study's recommendation paired with large near-term components, a master-insurance renewal that spiked, and (on the coast) flood or wind exposure. Approved special and additional assessments and approved capital expenditures for the current and succeeding fiscal year must appear in the resale certificate (§55.1-2310). A pending-but-unapproved assessment may not appear — ask directly and read the last six months of minutes.
Borrowing as an alternative
Section 55.1-1965(D) lists borrowed funds as a permissible means to meet repair and replacement needs, and association loans are typically placed against future assessment income with whatever board and owner approval the governing instruments require. But neither the Condominium Act nor the POAA grants detailed borrowing authority, so a board's plan to "borrow later" is not guaranteed. Look for existing loans, lines of credit, or assessment-pledge language in the minutes and financials.
The owner rescission mechanism
Historically the condo statute has allowed unit owners to call a special meeting to vote to reduce or rescind an additional assessment — an owner check on the board. The precise current procedure should be confirmed against the statutory text and the governing instruments, since reform of this mechanism has been debated. A history of owners rescinding an assessment can signal contentious finances and deferred work.
Virginia legal references
- Va. Code §55.1-1964 — Assessments; additional assessments (condos)
- Va. Code §55.1-1965 — Annual budget; reserve study (condos)
- Va. Code §55.1-2310 — Resale certificate disclosure of assessments
Informational only. Not legal advice. Always confirm against current statute and counsel.
Need help applying these Virginia statutes to your specific situation? We can connect you with state-licensed counsel and specialists familiar with this exact regulatory environment.
Find a Virginia specialist →Reviewer's checklist
- Identify any approved special or additional assessments in the resale certificate (§55.1-2310)
- Read the reserve study for recommended vs. actual reserves and large near-term work
- Read the last six months of minutes for assessments not yet formally approved
- Check approved capital expenditures for the current and next fiscal year
- Confirm whether the association carries an existing loan or assessment pledge
- Review master-insurance renewals for premium spikes that could drive an assessment
- Read the declaration and bylaws for the additional-assessment approval procedure
- Check for any history of owners rescinding an additional assessment
- Confirm whether a recent assessment could complicate Fannie/Freddie financing
- Ask the board directly about anticipated assessments
Want this same review on your actual documents? We do it free, with page citations you can verify.
Get My Free Risk Report →Risk Intelligence
Get a Free Risk Report on Your Condo or HOA
Free, structured read of what's actually behind a fee change, an insurance renewal, or a pending assessment — with page citations you can verify. No cost, no obligation.
Expert Matching
Want help acting on what you found?
We can connect you with insurance brokers, realtors, and mortgage brokers who can help you respond to what your documents reveal.
- Realtor
- Mortgage broker
Related risk areas
Read these next to round out your due diligence
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
Insurance risk
The association's master insurance policy determines what your personal HO-6 policy needs to cover — and what it does not.
Condo document review
A condo document review is the structured analysis of every disclosure document your seller or association has provided — declaration, bylaws, rules, reserve study, budgets, financials, meeting minutes, insurance summary, estoppel or resale certificate, and any pending special assessment notices.
FAQ
Frequently asked questions
Risk Intelligence
Get a Free Risk Report on Your Condo or HOA
Free, structured read of what's actually behind a fee change, an insurance renewal, or a pending assessment — with page citations you can verify. No cost, no obligation.
Expert Matching
Want help acting on what you found?
We can connect you with insurance brokers, realtors, and mortgage brokers who can help you respond to what your documents reveal.
- Realtor
- Mortgage broker