A condo in Maryland in which I own a unit has monthly assessments for its 26 units based on the percentage interests they have in the common property. These percentage interests range from 1.76 % to 3.65%.
In the future, a 'special assessment' or something similar might be needed in order to be able to make expensive building-item replacements like roofs and siding, and the Association doesn't have enough in its Reserves to pay for.
1. I believe the dollar amounts for the special assessment for each of our 26 units should be based on the percentage interests of each unit, just as are our monthly assessments.
2. However, a view has been expressed that the Board can decide that all owners of our 26 units pay the same amount in their portions of the special assessment even though their units have differing percentage interests in the Common Property.
And the question is "Which is correct 1. or 2.
Answers (16)
What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.
