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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 ...
Condo owners must begin reserve contributions in 2025 or 2026. Monthly condo assessment fees jumped by nearly 60% over the past five years in South Florida. Then there are the special assessments ...
If you can’t pay a special assessment fee, there may be consequences, depending on your contract with the condo association. This may include a fine or late fee — only adding to your financial ...
In Miami, residents at the Palm Bay Yacht Club, where two-bedroom units have sold this year for between $400,000 and $500,000, are having to pay $140,000 each toward a special assessment for a ...
Florida property tax homestead exemption reduces the value of a home for assessment of property taxes by $50,000, so a home that was actually worth $100,000 would be taxed as though it was worth only $50,000. However, the second $25,000 of homestead coverage does not apply to the school portion of property taxes, and only applies to the third ...
Others spoke of owners who can't keep up with high monthly maintenance fees and special assessments needed to cover the rising cost of insurance and therefore risk losing their long-time homes.
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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