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Smith has paid an extra $20,000 over two years for special assessments at her Point Brittany building, money meant to cover unexpected or major repairs that cannot be paid via the condo ...
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 ...
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 ...
Imagine being a property owner in a condominium who is humming along paying the mortgage and then getting a letter from your homeowner's association (HOA) informing you of a six-figure assessment.
For example, contrary to popular belief, "MAI" does not stand for "Member, Appraisal Institute". According to the institute, the letters "do not represent specific words", and an MAI may not use the words "Member, Appraisal Institute" in lieu of the MAI mark. The primary motive for this rule is to prevent trademark dilution. These designations ...
In this example, the service district would be large enough to include all properties connected to the lake by how water flows. The Special Assessment District would be a smaller area within which the government unit proposing the special assessment has the power to levy a special assessment tax.
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 ...
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