Yes, it is legal to assess monies for reserves; a special assessment may be required.
You can read your state condominium law covering reserve accounts, and then read your governing documents concerning assessments and special assessments.
Apparently, your association had reserves funded at some level, then either spent the reserve dollars for their intended purpose, or borrowed from the reserves fund.
When reserves are spent for their intended purpose, the level of annual funding anticipates the useful life of the assets being saved for. For example: when the assets' replacement exceeds the amount of funding available, the next year's assessments will probably show an increase in reserve funding, so that the next component to be replaced can be fully funded.
When the board borrows against reserves, usually a repayment plan and schedule are required by state law, so that reserves are maintained at appropriate levels.
It's impossible to tell from your question how the reserves were spent.
You are owed an explanation from your board so that you understand the assessment being levied against your unit.
Your attorney can help you answer this question, since it requires a legal answer.
Yes.You can request the status of the association from the Secretary of State where the association is located.
Absolutely, yes. The association may be incorporated as a profit, not for profit, or an unincorporated association.
Probably not, since your monthly assessments pay operational bills and contributions to reserves for replacing major real estate assets, none of which is tax deductible.
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.
Only if the Condo Association allows it. It could otherwise fine you.
Yes.
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
Fiile a noise complaint with the Condo association and if that doesn't work, the local police department.Added: Loud noises from whom or what? The Condo Association MAY have control over some annoyances but for others you may need the police (as advised above). Speak to your Condo Board of DIrectors to see if they can assist you.
Yes. Your association counsel can guide you as to which documents must be filed and where each should be deposited.
Some condo association management companies in Chicago include Root Reality, Inc and SGJ Property Management. You can learn more about these companies online at their respective websites.
Yes, a property appraiser can assess the value of a condo higher than what it was purchased for. The appraiser considers various factors such as location, market conditions, upgrades, and comparable sales data to determine the current value of the property. If these factors indicate that the condo's value has increased since its purchase, the appraiser may assess it at a higher value.