Applicable to that year only

Started by EdR6 • 3 replies • 191 views

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EdR6 (Tennessee)
Posts: 16

Posted:

Our CC&R contains a fairly stock section, "In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only..."

I am not looking for legal advise, just opinions. Does the wording "applicable to that year only" prohibit a Board from allowing a special assessment to be paid in increments over the course of two years? And if so, would it be appropriate for those who choose to pay in increments to be charged interest?

ElleN (Idaho)
Posts: 4,420

Posted:

Quote:

Posted By EdR6 on 01/22/2024 11:58 AM
Our CC&R contains a fairly stock section, "In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only..."

In my opinion, for a single special assessment, the board has the right to offer owners the option of a one-time payment or a payment plan over more than a year. Owners who take the payment plan should be informed they will be billed for interest and late fees as provided in the Declaration. If the Declaration gives the board the right to waive eithr of these fees, please say so.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Ed

My opinion is that the assessment must be paid off in the year it was assessed.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Due to duplicate postings, this issue is also being discussed in the following thread:

https://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/364986/view/topic/Default.aspx

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