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Is it legal to assess to rebuild reserves in a condo association?
Wiki User
∙ 14y ago
Yes, it is legal to assess monies for reserves; a special assessment may be required.
You can read your state condominium law covering reserve accounts, and then read your governing documents concerning assessments and special assessments.
Apparently, your association had reserves funded at some level, then either spent the reserve dollars for their intended purpose, or borrowed from the reserves fund.
When reserves are spent for their intended purpose, the level of annual funding anticipates the useful life of the assets being saved for. For example: when the assets' replacement exceeds the amount of funding available, the next year's assessments will probably show an increase in reserve funding, so that the next component to be replaced can be fully funded.
When the board borrows against reserves, usually a repayment plan and schedule are required by state law, so that reserves are maintained at appropriate levels.
It's impossible to tell from your question how the reserves were spent.
You are owed an explanation from your board so that you understand the assessment being levied against your unit.
Wiki User
∙ 14y ago
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no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
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Some condo association management companies in Chicago include Root Reality, Inc and SGJ Property Management. You can learn more about these companies online at their respective websites.
