NRS 116.3115
Assessments for common expenses; funding of adequate reserves; collection of interest on past due assessments; calculation of assessments for particular types of common expenses; notice of meetings regarding assessments for capital improvements.
meetingsvoting
Plain-English summary
Member meeting notice, quorum, voting, and agenda requirements for unit-owner meetings.
Not legal advice. Statute reference is for education only. Confirm citations on official sources and consult a Nevada attorney familiar with community associations.
Statutory text
����� 1. Until the association makes an
assessment for common expenses, the declarant shall pay all common expenses.
After an assessment has been made by the association, assessments must be made
at least annually, based on a budget adopted at least annually by the
association in accordance with the requirements set forth in NRS 116.31151 . Unless the declaration
imposes more stringent standards, the budget must include a budget for the
daily operation of the association and a budget for the reserves required by
paragraph (b) of subsection 2.
����� 2. Except for assessments under
subsections 4 to 7, inclusive, or as otherwise provided in this chapter:
����� (a) All common expenses, including the reserves,
must be assessed against all the units in accordance with the allocations set
forth in the declaration pursuant to subsections 1 and 2 of NRS 116.2107 .
����� (b) The association shall establish adequate
reserves, funded on a reasonable basis, for the repair, replacement and
restoration of the major components of the common elements and any other
portion of the common-interest community that the association is obligated to
maintain, repair, replace or restore. The reserves may be used only for those
purposes, including, without limitation, repairing, replacing and restoring
roofs, roads and sidewalks, and must not be used for daily maintenance. The
association may comply with the provisions of this paragraph through a funding
plan that is designed to allocate the costs for the repair, replacement and
restoration of the major components of the common elements and any other
portion of the common-interest community that the association is obligated to
maintain, repair, replace or restore over a period of years if the funding plan
is designed in an actuarially sound manner which will ensure that sufficient
money is available when the repair, replacement and restoration of the major
components of the common elements or any other portion of the common-interest
community that the association is obligated to maintain, repair, replace or
restore are necessary. Notwithstanding any provision of the governing documents
to the contrary, to establish adequate reserves pursuant to this paragraph,
including, without limitation, to establish or carry out a funding plan, the
executive board may, without seeking or obtaining the approval of the units�
owners, impose any necessary and reasonable assessments against the units in
the common-interest community. Any such assessments imposed by the executive
board must be based on the study of the reserves of the association conducted
pursuant to NRS 116.31152 .
����� 3. Any assessment for common expenses or
installment thereof that is 60 days or more past due bears interest at a rate
equal to the prime rate at the largest bank in Nevada as ascertained by the
Commissioner of Financial Institutions on January 1 or July 1, as the case may
be, immediately preceding the date the assessment becomes past due, plus 2 percent.
The rate must be adjusted accordingly on each January 1 and July 1 thereafter
until the balance is satisfied.
����� 4. Except as otherwise provided in the
governing documents:
����� (a) Any common expense associated with the
maintenance, repair, restoration 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 the declaration provides;
����� (b) Any common expense benefiting fewer than all
of the units or their owners, including, without limitation, common expenses
consisting of the payment, on behalf of a unit�s owner, of delinquent property
taxes or utility charges owed by the unit�s owner, may be assessed exclusively
against the units or units� owners benefited; and
����� (c) The costs of insurance must be assessed in
proportion to risk and the costs of utilities must be assessed in proportion to
usage.
����� 5. Assessments to pay a judgment against
the association may be made only against the units in the common-interest
community at the time the judgment was entered, in proportion to their
liabilities for common expenses.
����� 6. If damage to a unit or other part of
the common-interest community, or if any other common expense is caused by the
willful misconduct or gross negligence of any unit�s owner, tenant or invitee
of a unit�s owner or tenant, the association may assess that expense
exclusively against his or her unit, even if the association maintains
insurance with respect to that damage or common expense, unless the damage or
other common expense is caused by a vehicle and is committed by a person who is
delivering goods to, or performing services for, the unit�s owner, tenant or
invitee of the unit�s owner or tenant.
����� 7. The association of a common-interest
community created before January 1, 1992, is not required to make an assessment
against a vacant lot located within the community that is owned by the
declarant.
����� 8. If liabilities for common expenses are
reallocated, assessments for common expenses and any installment thereof not
yet due must be recalculated in accordance with the reallocated liabilities.
����� 9. The association shall provide written
notice to each unit�s owner of a meeting at which an assessment for a capital
improvement is to be considered or action is to be taken on such an assessment
at least 21 calendar days before the date of the meeting.
Synced from the Florida Legislature’s official site. Verify the current version before citing.
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Reference only. Not legal advice. Verify current text at the official state legislature website before citing. Printed from Common Elements (September 20, 2026).