Posted by Jim(MA) on October 23, 1998 at 16:35:43:
Jennifer is absolutly right an assesment that exceeds 10% of the appraised fair market value in my state triggers the right for owners not voting for the assessment to be able to force the association to purchase the condo for the fair market value or for the owners voting for it to pay it, depending on the percentage of favorable votes. any association that finds itself faced with assessments of this magnitude clearly has not been managed properly. i would not touch this property in any way not until they have corrected the major problem causing the assesment and that i am certain that they have made the correct adjustments to their management to prevent further assesments.