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). There is no limit on the size or number of special assessments imposed by the membership upon themselves.
ASSISTANCE: Associations needing legal assistance can
contact us.
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