Special Assessments

[SteelerGal]

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]

We just had a special assessment at one of my resorts. I didn’t realize that owners could decide against assessments.

 

[DrQ]

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]

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

 

[geist1223]

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.