Does a Condominium Have a 115% Cap on Increasing Assessments?
The increase in costs, especially insurance premiums, have been difficult for condominium associations in the past couple of years. I have been asked on many occasions if there is a cap on increasing the budget by more than 115% from the previous year. Section 718.112(2)(e)(2)(a), Florida Statutes, provides a procedure to be followed if the … Read more