N.C. Gen. Stat. § 47C-3-115

Assessments for common expense

assessmentscommon-expensescollection

Plain-English summary

Requires the declarant to pay common expenses until the first association assessment and at least annual assessments thereafter, sets the default allocation among units and the interest cap on past-due assessments, and addresses limited-common-element, judgment, and misconduct-based assessments and recalculation when liabilities are reallocated.

Not legal advice. Statute reference is for education only — confirm citations on official sources and consult a North Carolina attorney familiar with community associations.

Statutory text

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(a) Until the association makes a common expense assessment, the declarant shall pay all the common expenses. After any assessment has been made by the association, assessments thereafter must be made at least annually by the association. (b) Except for assessments under subsections (c), (d), and (e), all common expenses must be assessed against all the units in accordance with the allocations set forth in the declaration pursuant to G.S. 47C-2-107(a). Any past due common expense assessment or installment thereof bears interest at the rate established by the association not exceeding eighteen percent (18%) per year. (c) To the extent required by the declaration:

Any common expense associated with the maintenance, repair, or replacement of a limited common element must be assessed against the units to which that limited common element is assigned, equally, or in any other proportion that the declaration provides;

Any common expense or portion thereof benefiting fewer than all of the units must be assessed exclusively against the units benefited; and

The costs of insurance must be assessed in proportion to risk and the costs of utilities must be assessed in proportion to usage. (d) Assessments to pay a judgment against the association (G.S. 47C-3-117(a)) may be made only against the units in the condominium at the time the judgment was entered, in proportion to their common expense liabilities. (e) If any common expense is caused by the misconduct of any unit owner or occupant, the association may assess that expense exclusively against the unit of that owner or occupant. (f) If common expense liabilities are reallocated, common expense assessments and any installment thereof not yet due shall be recalculated in accordance with the reallocated common expense liabilities.

Synced from the Florida Legislature’s official site. Verify the current version before citing.

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N.C. Gen. Stat. § 47C-3-115

Assessments for common expense

assessmentscommon-expensescollection

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View official text on leg.state.fl.us

Plain-English summary

Not legal advice. Statute reference is for education only — confirm citations on official sources and consult a North Carolina attorney familiar with community associations.

Statutory text

Search all statutes

Any common expense or portion thereof benefiting fewer than all of the units must be assessed exclusively against the units benefited; and

Synced from the Florida Legislature’s official site. Verify the current version before citing.

Community discussion

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Plain-English summary

Statutory text

Community discussion

Your governing documents

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Plain-English summary

Statutory text

Community discussion

Your governing documents

Save your place and go deeper