Condo "Special Assessment"

I own a condo in Florida which I rent out throughout the year. I pay quarterly condo dues which the board of directors substantially raised for this year to cover expenses. I recently received a letter from our condo association management company informing me that the board of directors recently decided to implement a "special assessment" of $200 per unit and pay it in less than 1 month!! That's a lot of money for an association that has over 100 units. The reason given is for unbudgeted tax payments and expenses. No details of these "unbudgeted" taxes or expenses was provided. Needless to say I was very shocked when I opened the letter and saw that I was being told I HAD to pay more money on top of what I am already paying! Does the board of directors have the authority to implement this assessment? I would think once the budget is balanced and approved at the beginning of the year then thats what they are bound to. Is this something that should have been discussed at a meeting with all the unit owners? Needless to say I am not happy to have this additional expense in such a short period of time. And what happens in the next few coming months when they decide they need more money for another "unbudgeted expense"?

Any advice would be greatly appreciated!!!

gather other owners and call a meeting to hear the details or even vote it down

All financial records must be shown, or a copy given to any condo owner.

If you are a renter, not an owner, have the owner ask for the financial statements. There should be monthly ones. There could be a small copying fee required, which you should pay. You can ask for as many months as you like as well as the yearly budget and the last Yearly financial statement, or tax papers.

You may want to read these or have an accountant review them to find what they need the funds for. If these statements are in any way 'vague' you can ask when the last independent audit was and get a copy.

If no independent "outside" audit has been done, check with the State office of Consumer Affairs to request an outside audit.

Invite other owners for a financial discussion over tea! There are State laws requiring independent audits, or the IRS could do it.

QyBQFE

Originally Posted by Unregistered

I own a condo in Florida which I rent out throughout the year. I pay quarterly condo dues which the board of directors substantially raised for this year to cover expenses. I recently received a letter from our condo association management company informing me that the board of directors recently decided to implement a "special assessment" of $200 per unit and pay it in less than 1 month!! That's a lot of money for an association that has over 100 units. The reason given is for unbudgeted tax payments and expenses. No details of these "unbudgeted" taxes or expenses was provided. Needless to say I was very shocked when I opened the letter and saw that I was being told I HAD to pay more money on top of what I am already paying! Does the board of directors have the authority to implement this assessment? I would think once the budget is balanced and approved at the beginning of the year then thats what they are bound to. Is this something that should have been discussed at a meeting with all the unit owners? Needless to say I am not happy to have this additional expense in such a short period of time. And what happens in the next few coming months when they decide they need more money for another "unbudgeted expense"?

Any advice would be greatly appreciated!!!

[randalljd]

Yes it should have been. And you may want to have them hold a meeting on this if they did not.