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Preparing for a Special Assessment
Author:
Toronto Condo News
Publication date:
June 25, 2019
Article Summary:
Preparing for a Special Assessment
June 2019 Special assessments are a last resort for condo corporations with poor budgeting, deferred maintenance that can no longer be deferred, or unexpected repairs.
For condo communities, requiring immediate payment of a special assessment can be the best way to protect resale values.
Special assessments can be harder for the unprepared.
Fortunately, the need for a special assessment is usually clear long before any formal announcement.
Discussion about a specific system combined with a declining or low reserve fund may indicate a special assessment is to be expected.
Take the known total and multiply by the percentage used to calculate your condo fees.
Keywords:
special assessment, condo special assessment, condo fee assessment, condo assessments, condo fees, condo fees increase, condo fees increase 2019
Source Citation:
Toronto Condo News
Preparing for a Special Assessment
June 25, 2019
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