Assessments Board Condominium Damage Financial Governance

Condo Fire Creates Question of Need for Assessment


B.S. from New Haven County writes:

Dear Mister Condo,

If my condo has an assessment for roofs and we have a fire and the roof is rebuilt in the fire, do we still have to pay the assessment?

Mister Condo replies:

B.S., I am sorry your condo experienced a fire. I hope all got out safely. An assessment is levied when the community finds itself significantly short of cash for immediate expenses or needed capital improvements. Provided the association followed the proper protocol, the assessment is levied and due by all unit owners as called for in the assessment. If the association then found itself in possession of unexpected money, in this case from insurance proceeds after the fire, the association could decide to repeal the assessment although this is quite unusual. As it stands, once the assessment is levied it is due so “yes”, you still have to pay the assessment. If the Board finds that the assessment is not necessary, it could take actions to vote to repeal the assessment or return the funds to unit owners. All the best and stay safe!

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