What this calculator does
After the 2021 Surfside collapse, Florida required condo buildings three stories and taller to complete milestone structural inspections and to fully fund reserves for key structural items. Many Miami associations are paying for repairs and reserves through special assessments. This calculator works out your share and the monthly cost of a payment plan. Much of Miami's housing is in condo towers, from Brickell and Edgewater to Miami Beach, while Coral Gables, Coconut Grove and Little Havana offer houses and low-rise buildings. Since the 2021 Surfside collapse, new state laws require milestone inspections and fully funded structural reserves, and many associations have raised dues or levied special assessments.
How to use it
- Enter the total assessment from the association's notice.
- Choose ownership percentage (from the declaration of condominium) or equal shares.
- Enter the payment plan length and rate, or 0 months for a lump sum.
- Enter current HOA dues.
The formula
Your share = total × your percentage (or total ÷ units). Monthly payment = standard loan payment on your share over the plan length at the plan's rate. New monthly cost = assessment payment + HOA dues.
Worked example
Using the default inputs shown in the calculator above:
| Item | Amount |
|---|---|
| Total assessment for the building | $12,000,000 |
| Your share (0.450%) | $54,000 |
| Payment plan length (months) | 60 |
| Interest rate on the plan | 7% |
| Monthly assessment payment | $1,069 |
| Regular HOA / maintenance dues | $900 |
| Total monthly condo cost | $1,969 |
Your share of the special assessment: $54,000. $1,069 a month for 60 months (includes $10,156 interest).
Your share comes from your unit's ownership percentage in the declaration. Spreading it over 60 months turns it into a $1,069 monthly bill on top of regular dues.
Why Miami condo assessments are rising
SB 4-D (2022) created milestone inspections and structural integrity reserve studies, and HB 913 (2025) adjusted deadlines and added options. Buyers should request the milestone inspection report, the reserve study and board minutes before purchasing, since assessments generally follow the unit, not the seller.
Common mistakes and tips
- Buying without reading the reserve study and board minutes.
- Assuming the seller pays an assessment approved before closing — negotiate it in the contract.
- Ignoring the interest on association payment plans.
- Forgetting that higher reserves also raise regular dues.
Frequently asked questions
How is my share of a condo assessment set?
By the declaration of condominium, usually as an ownership percentage that reflects unit size.
Can I pay a special assessment over time?
Many associations offer payment plans or take out a loan and pass the payments to owners.
Who pays an assessment when a unit sells?
It depends on the contract and when the assessment was levied; it is commonly negotiated.
What is a milestone inspection?
A structural inspection required for Florida condo buildings three stories or taller, generally by 30 years of age (25 near the coast) and every 10 years after.
Sources
Disclaimer
This calculator provides estimates for educational purposes only and is not financial, tax, legal, real estate, or insurance advice. Consult a licensed professional before making decisions.