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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 ...
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 ...
While variations of the concept of special assessments have existed in a number of the world’s nations since the 1600s, [2] in the US a special assessment is more formally defined through court action as remuneration that a governmental unit may demand from property owners to fund a public project which creates a "benefit" in properties lying ...
A critical money-saving measure for Horry County homeowners is establishing their property as a legal, primary residence, which lowers assessment ratios from 6 percent of overall value to 4 percent.
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 ...
Maryland House Bill 107, also known as HB107, is a Maryland state law passed in 2022 that mandates that condominiums, housing associations, cooperatives, and homeowner associations complete a reserve study by October 1, 2023. [1]
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 ...
A reserve study is a long-term capital budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset ongoing deterioration, resulting in sufficient funds when those anticipated major common area expenditures actually occur.