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Often, the HOA passes this ever-rising cost on to the homeowners in the form of higher monthly fees or larger one-time fees called special assessments. This jump in homeownership costs can have a ...
The homeowners received notice of the assessment in early June, which detailed how the HOA’s reserves had never been fully funded in its 20-year history, presenting the community with a ...
A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from ...
Special assessments often require a homeowner-vote if the amount exceeds a prescribed limit established in the association's by-laws. In California, for example, a special assessment can be imposed by a board, without a membership vote, only when the total assessment is five percent or less of the association's annual budget. Therefore, in the ...
In this example, the service district would be large enough to include all properties connected to the lake by how water flows. The Special Assessment District would be a smaller area within which the government unit proposing the special assessment has the power to levy a special assessment tax.
The Montgomery County, Maryland Department of Housing and Community Affairs Commission on Common Ownership Communities also favored the law, calling reserve studies critical to avoiding emergencies for community associations and a "little financial pain" which leads to "lower costs" in future, noting that special assessments or projects will ...
Two years later, the pair got hit with a six-figure special assessment — a charge that condo owners and homeowners in HOA communities must pay to either finance a renovation on the property or ...
This document is best prepared by an outside independent consultant for the benefit of administrators (Board of Directors or Strata Council Members) of a property with multiple owners, such as a condominium association or homeowners' association (HOA), strata, containing an assessment of the state of the commonly owned property components as ...
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