Condo Special Assessment Rules

Summary

Condo boards in Illinois can levy special assessments to cover costs not included in the annual budget. There is no statutory cap on the amount, but it should be reasonable and necessary. Always review your condos governing documents for specific limitations and consult a local lawyer for personalized advice.

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Condo board special assessment for a tax lien redrmption
Hello! It seems there may have been a misunderstanding. Could you please clarify your situation? Are you a condo owner facing a special assessment from your board due to a tax lien redemption? And could you also provide your location?
Illinois
I see, you're in Illinois and have a situation regarding a condo board special assessment for a tax lien redemption. Could you specify the issue you're facing, so I can provide the most accurate information?
I own a condo in illinois, the board wants to have a special assessment for a unit that owes money and pay its tax lien.
In Illinois:
- Condo boards can levy special assessments to cover costs not included in the annual budget.
- However, they should follow the procedures outlined in the declaration/covenants.
- It's recommended to consult a local lawyer to review your association's governing documents.
How much in special assessments can you be charged in one year on a condp in illinpis
In Illinois:
- There's no statutory cap on the amount a condo association can assess.
- The amount should be reasonable and necessary for the purpose it serves.
- Check your condo's governing documents for any specific limitations.