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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 ...
The Cricket Club’s condo board recently proposed a nearly $30 million special assessment for repairs, like roof replacement and facade waterproofing — coming to more than $134,000 per unit owner.
Per the new Florida law, all three-story-plus condo buildings and at least 30 years old must undergo a mandatory engineering assessment before Dec. 31, 2024. Condo associations must also shore up ...
Other media reported that condominium owners in Ocean City were "grappling with substantial financial obligations" as a result of the law. [47] Some firms predicted that the law could put pressure on housing prices and result in a potential rise in "significant special assessments," large shortfalls for reserves, and result in an influx of ...
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 ...
Homeowners may face large one-time special assessments in addition to increases in regular monthly fees. ... A neighborhood or condo complex with tennis courts, a gym or a pool (or all three), for ...
A special assessment district (S.A.D.) is a geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which a tax is apportioned to recover the costs of the public improvement.
In the meantime, the community’s townhouse owners hope that postponing the vote may give them more time to gain some insight into why the special assessment fee is so high.
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