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Special Assessments

SteelerGal

TUG Member
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Resorts Owned
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Our Independent is putting for a Special Assessment to refurb and to correct unfunding. I am for the assessment because it will help in the long run.
My question is when have owners decided against an assessment and how did it affect the resort long term?
 

RNCollins

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Tradewinds, Divi, Quarter House, Casa Ybel
We just had a special assessment at one of my resorts. I didn’t realize that owners could decide against assessments.
 

DrQ

TUG Member
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HICV, Westgate (second cousin, twice removed)
At our independent, it was written in the bylaws that a majority of owners could vote down a special assessment within 30 days of it being enacted.
 

SteelerGal

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Our bylaws require it to be approved by Board then owners vote.
 

geist1223

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Worldmark 97,000 Credits
DRI Cabo Azul 50,500
Royal Solaris San Jose del Cabo
From what I have seen Special Assessments occur primarily for one of two reasons:

1. The HOA BOD kept the MF's artificially low. Then there is a need for a major refurbishment but there is not enough money set aside.
2. A major weather event occurs and the HOA BOD had insufficient insurance.
 
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