Illinois Special Assessments Rules

Summary

In Illinois, the Condominium Property Act does not set a specific limit on special assessments. However, if the assessment exceeds 15% of the annual budget, unit owners have the right to petition for a vote.

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Illinois has no limit on special assessments?
Hello ****, in Illinois, the Condominium Property Act governs special assessments. It does not set a specific limit. However, if the assessment exceeds *% of the annual budget, unit owners have the right to petition for a vote. Is this related to a condominium situation?
Yes
Hello ****, in Illinois:
- No specific limit is set by the Condominium Property Act for special assessments.
- Owners can petition for a vote if the assessment exceeds *% of the annual budget.
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