HOA ongoing assessment

[greydove]

What is the name of your state (only U.S. law)? CT


I live in a very small condo complex (9 units). Several condo owners here have concern over a "ongoing assessment". The assessment is $25.00 per month. The assessment, according to the board is for (whatever things come up) or just in case something is needed, and so that we have "extra" money in our savings.

This assessment has been going on for over 2 years and some of the other owners want to know if it is legal for a condo board to continue this ongoing assessment. I thought the laws stated that an assessment had to be for something specific such as (Repair fence, repair roof, repair driveway, etc) with a specific budget and that it should have a beginning and end date.What is the name of your state (only U.S. law)?

 

[You Are Guilty]

The law says that your condo documents are what controls. If they permit the assessment to build up the reserves, then it is legal. (If they don't, then you have a problem.)