Tennessee Condominium Act -- Assessments for Common Expenses
Requires assessments to be made at least annually based on a budget adopted at least annually by the board. Common expenses are assessed against all units per the allocations in the declaration (§66-27-307). Exceptions: limited common element expenses assessed to affected units; insurance by risk proportion; utilities by usage; judgment expenses to units existing at judgment date; misconduct expenses to the responsible unit. Subsection (g) grants the board power to levy assessments to preserve the physical integrity of the condominium or comply with governmental requirements, even if the declaration is silent -- this applies retroactively to pre-2009 condominiums.
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| Ref | Requirement |
|---|---|
| Requires assessments to be made at least annually based on a budget adopted at least annually by the board. | |
| Common expenses are assessed against all units per the allocations in the declaration (§66-27-307). | |
| Exceptions: limited common element expenses assessed to affected units; insurance by risk proportion; utilities by usage; judgment expenses to units existing at judgment date; misconduct expenses to the responsible unit. |
| Ref | Requirement |
|---|---|
| Subsection (g) grants the board power to levy assessments to preserve the physical integrity of the condominium or comply with governmental requirements, even if the declaration is silent -- this applies retroactively to pre-2009 condominiums. |