If you reside in a Condominium Association, Section 9(c)(2) of the Illinois Condominium Property Act (“Act”) requires that all Condominium Associations throughout the State of Illinois establish and maintain a reasonable reserve account. Condominium Property Act ("Act"). The Condo Act gives condominium association boards the ability to adopt most special assessments, while reserving to owners a veto option for special assessments over a certain amount, and still requiring the approval of a certain percentage of owners for special assessments used for additions or alterations of the common elements or other association owned property. Short title. The Illinois legislature has also clarified the Illinois Condominium Act so that any closed session can occur after notice of an open meeting, which is then converted into a closed session in part for the limited purpose of discussions related to (i) litigation involving the association; (ii) employment, (iii) rule violations, and (iv) unpaid assessments. If the special assessment plus the regular assessment result in a … This means that a condominium unit or any residence within an association worth $300,000 should have a property tax assessment at $30,000. Thus, the Illinois Condominium Property Act does not prohibit what you are attempting. The Act further provides that Associations which do not have a reserve requirement in the Declaration may opt out and not establish a reasonable … The 6 Month Rule is found in Section 9(g)(4) of the Illinois Condominium Property Act. In Lake County, DuPage County, Will County, Kane County, and McHenry County (also known as the Collar Counties), all property regardless of type (i.e. The Association of Condominium, Townhouse and Homeowners Associations (ACTHA) provides information and education to boards, owners and professionals involved with community associations, to help their organizations run more effectively and efficiently.


Again, the Illinois Condominium Property Act permits a condominium board of directors to enact a special assessment in any amount. All Illinois condominium associations are subject to the Illinois Condominium Property Act. Until one year after September 21, 1985 (the effective date of Public Act 84-722), if a condominium association has reserves plus assessments in excess of $250,000 and cannot reasonably obtain 100% fidelity bond coverage for such amount, then it must obtain a fidelity bond coverage of $250,000. A-15. Sylva’s relied on the Illinois Condominium Property Act provision that “[t]he purchaser of a condominium unit at a judicial foreclosure sale, other than a mortgagee…shall have the duty to pay the proportionate share, if any, of the common expenses…during the 6 months immediately preceding institution of an action to enforce the collection of assessments…”. Definitions. A: Under Illinois law, the board of directors must advise the owners in advance of the directors' vote on a special assessment.

605/1 Short Title This Act shall be known and may be cited as the "Condominium Property Act." 30, par. Although the legislature made no changes to the ICPA during 2018, the Ombudsperson Act requirements take effect on January 1, 2019. New Amendments to the Illinois Condominium Property Act and Illinois Common Interest Community Association Act Summary Legislation that will take effect on January 1, 2018 will impose new obligations on Illinois condominium associations, including a requirement that every association maintain an official unit owner list that includes every unit owner’s phone number and email address. However, if the special assessments exceeds 15% of the previous year’s regular and special assessments, then the owners also have the right to file a petition to reject the special assessment under the same procedure as set forth above. (Source: Laws 1963, p. Utilize our quick reference guide below to …
Contact us for a FREE legal consultation. residential or commercial) are assessed at 33.33% of fair market value. Quick Reference Guide. It does not prohibit putting up a partition wall in a portion of a unit. 30, par. Important changes are coming to the Illinois Condominium Property Act (“ICPA”) and the Illinois Common Interest Community Association Act (“CICAA”), effective January 1, 2018. Applies to Common Interest Community Association Act (Sections 1-20 and 1-45 of Public Act 100-292) and the Condominium Property Act (Sections 9, 15, 18, 18.4, 18.10, 19, 27, and 31 of Public Act … 1120.) As used in this Act, unless the context otherwise requires: …

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