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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 ...
A $21 million special assessment fee has outraged residents of two 16-year-old buildings at 1060 Brickell in Miami, Florida, with some unit owners facing individual bills exceeding $40,000. Don't miss
A special assessment tax is sometimes confused with property tax. These are two distinct forms of taxation: one (ad valorem tax) relies upon the fair market value of the property. The other (special assessment) relies upon a special enhancement called a "benefit" for its justification. The property tax rate is typically given as a percentage.
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 ...
Procedures vary by jurisdiction. In Louisiana, no formal notice is required; instead, the assessor "opens" the books to allow property owners to view the valuations. [39] Texas and some other jurisdictions also require that the notice include very specific items, and such notice may cover multiple taxing jurisdictions.
Homeowners in the Villas of Carillon townhome community of Feather Sound, Florida are trying to wrap their heads around a request from their homeowners association board for a $60,000 special ...
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 ...
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 ...