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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 ...
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 ...
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 ...
(The Center Square) – Property owners will see about a dozen of the nearly 300 new Illinois laws taking effect Jan. 1, impacting them and their relationships with tenants. House Bill 4768 ...
Yet another torrid tale has emerged of Florida homeowners being hit with eye-watering special assessment fees as building managers race to be in compliance with a new state law.. This time, it’s ...
The Illinois Compiled Statutes (ILCS) are the codified statutes of a general and permanent nature of Illinois. [ 1 ] [ 2 ] The compilation organizes the general Acts of Illinois into 67 chapters arranged within 9 major topic areas. [ 3 ]
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 ...
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