How does a condo association determine the amount of fees it charges?

Condo associations in Florida have the legal authority to determine the amount of fees they charge owners for the use and upkeep of their property. These fees, also known as association dues or assessments, are typically used to cover the cost of services such as maintenance and repairs, landscape maintenance, and other amenities. To start, the condo association will often review a budget analysis of the expected costs associated with operating the property. This analysis should include a list of all expenses, such as salaries, utility bills, repairs and other fees that are related to running the property. The board will then review the budget analysis and consider any additional expenses that may be necessary to meet the needs of the association, such as insurance, legal fees, and assessments for planned improvements. Once the board has determined the total amount of money needed to operate the property, they will then divide that total by the number of individual units so that each owner is given the proper amount of his or her share of assessment fees. This number is often determined by a vote of the association, but it can also be decided by the board. Even after these fees are determined, the condo association may still collect additional fees for things such as late payments, parking, or pet deposits. It is important that owners keep up-to-date on their dues and fees since failure to pay can result in legal action from the association.

Related FAQs

Who is responsible for taking care of shared spaces in a condo complex?
How does a condo association determine the amount of fees it charges?
What are the rules for common areas in a condo complex?
What is included in the condo fees I pay?
What happens if I fall behind on my condo fees?
Are there differences in condo laws from state to state?
Is my condo association liable for any accidents that occur in the complex?
Can I be held responsible for damage to another condo unit?
Is the condo association responsible for taking care of shared areas in the complex?
Are there restrictions on how much I can increase my condo association dues?

How does a condo association determine the amount of fees it charges?

Related FAQs

Related Blog Posts