Definitions for "Common area assessments"
Also known as Common Element Fees. A periodic charge levied against all of the owners of units in a condominium or planned unit development (PUD) project, which is used by the condominium corporation or homeowner's association to pay for repair, maintenance and other expenses of the common areas in the development.
Fees paid by a housing or condominium development, which are used to maintain, operate or repair common areas.
Levies against individual unit owners in a condominium or planned unit development project for additional funds to pay for the homeowners' association costs of upkeep or improvement of commonly owned areas.
Keywords:  condos, ops, residents, cover, charges
Charges to residents of condos, co-ops, etc. that cover property taxes on the common areas.