– The Florida Condominium Act allows associations to collect assessments from unit owners as long as it is designated in the association’s declaration.
– The board has the power to meet annually to discuss the association’s budget and increase the assessment amount charged to each unit owner if necessary for the association to remain financially stable.
– Common expenses, as defined by the Condominium Act, include costs for the operation, maintenance, repair, replacement, and protection of common elements and other association property.
– Common elements, as defined in the Florida Statutes, include condominium property not included within the units, certain facilities for utility services, easements of support for buildings, and property and installations for utilities and services to the units. – Common expenses for condominium associations can include the cost of operating the association’s main office, security features, and legal expenses.
– Other common expenses can include reasonable transportation services, insurance for directors and officers, in-house communications, and maintenance on roads and parking lots within the community.
– The specific items considered as common expenses for each association are determined by the association’s governing documents, such as the declaration. 1. Assessments may increase due to some unit owners not paying their assessments and going through foreclosure.
2. Unpaid assessments affect association budgets and must be recouped somehow.
3. Florida’s Condominium Act allows unpaid shares of common expenses or assessments extinguished by foreclosure to be added to future common expenses and collectible from all other unit owners.
https://www.jimersonfirm.com/blog/2014/01/what-are-common-expenses-of-an-association-according-to-floridas-condominium-act/
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