Introduction
Special assessments are a critical tool for condo associations to fund major repairs, improvements, or unexpected expenses not covered by regular dues. Understanding the legal framework and procedural requirements for imposing special assessments in Florida is essential for board members and property managers.
Legal Basis for Special Assessments, Authority and Limitations
Florida law grants condo associations the authority to levy special assessments under specific circumstances outlined in governing documents and state statutes. Understanding these limitations is crucial to ensure assessments are legally valid and enforceable.
Notice and Disclosure Requirements
Condo associations must provide adequate notice to unit owners before imposing a special assessment. This includes disclosing the purpose, amount, and payment schedule of the assessment to ensure transparency and give owners an opportunity to prepare financially.
Conclusion
Navigating special assessments in Florida condo associations requires careful planning, adherence to legal requirements, and open communication with unit owners. By understanding the legal framework, board members and property managers can effectively manage financial obligations and ensure the long-term financial health of the association.
