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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 ...
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 ...
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 ...
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 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.
Maryland House Bill 107, also known as HB107, is a Maryland state law passed in 2022 that mandates that condominiums, housing associations, cooperatives, and homeowner associations complete a reserve study by October 1, 2023. [1]
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 ...
Transfer fee supporters responded that (1) the existence of all assessments, including HOA dues, special assessments, etc., is disclosed early in the contract stage, when buyers have an opportunity to review all matters of title before deciding to proceed with the purchase; (2) this disclosure/decision process is identical to other fees, such ...