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Your annual budget is developed according to the amount of money it costs to support the property on an annual basis. The budget is funded by owners' assessments, which you may be able to pay monthly. So long as you own the property.

Budget line items include services, such as landscaping, pool maintenance and property management; insurance premiums to cover the property, the directors' and officers' coverage salaries, and liability insurance for those officers; and contributions to reserve funds, to replace assets you own in common with other owners, at the end of the assets' useful lives. Depending on your property, there may be more line items.

Your association may be required by law to report to mortgage lenders when assessments are raised by 25% or more in a year.

If your property is poorly run, you could be wasting money.

Volunteer to sit on the finance committee and find ways to save money or maintain your assessments at a reasonable level.

Also, read your governing documents to more fully understand the real estate ownership paradigm in which you own property.

Bottom line: no, there is no limit.

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10y ago

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