ASSESSMENT FREQUENCY

There is no limit on the number of special assessments, only on the total percentage, i.e., the board may levy five 1% special assessments in a single year, or one special assessment of 5%. Once the board hits an aggregate of 5% of the budgeted gross expenses for that fiscal year, the membership must approve any further special assessments (unless the additional assessments qualify as emergencies).

Updated by ADAMS KESSLER 3/20/2008