HOAleader Video: Can You Do a Special If Your Budget Is Busted?
HOAleader.com - Tip of the Week - July 29, 2022
We at HOAleader.com are here to answer the questions vexing your community. In this new video, we answer a question from a new board member about whether it's OK for a board to use its special assessment authority to keep the lights on.
Here's the back story: The reader is looking into the HOA's special assessment increase. Originally, the special assessment was $150 per year for six years to address wood siding issues. Then in 2021, the board increased the amount from $150 to $300 in 2021, "without informing the community."
What our rookie board member wants to know is whether a board can special assess an amount to make the budget numbers work.
Click on the arrow below to hear a short clip in which HOAleader.com experts Dan Miske of Wisconsin and Matt Zifrony of Florida answer our reader's question.
