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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 ...
None of the relevant Acts discuss special assessments in any detail. Generally speaking, it is up to your governing documents to establish the board’s right to pass a special assessment, and any ...
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 primer to Ohio's property taxes. For premium support please call: 800-290-4726 more ways to reach us
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.
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Each household was expected to shell out around $60,000, and a vote was set for June 20 to determine the exact payment plan. “There will be a lot of people that lose their home, either they have ...