Effective: September 10, 2010
Latest Legislation: Senate Bill 187 - 128th General Assembly
(A)(1) In accordance with its declaration, all costs the owners association incurs in the administration, governance, and maintenance of a planned community are common expenses. Unless otherwise provided in the declaration, all costs of the administration, operation, maintenance, repair, and replacement of the common elements are common expenses.
(2) The common expense liability of each lot shall be allocated in accordance with the allocation set forth in the declaration. If the declaration does not establish any allocation, the common expense liability shall be allocated equally among all the lots.
(3) The board of directors shall assess the common expense liability for each lot at least annually, based on a budget the board adopts at least annually.
(B) The board shall charge interest on any past due assessment or installment at the rate the board establishes, not to exceed any maximum rate permitted by law.
(C)(1) The board may not charge assessments for common expenses unless the declaration provides for or contemplates the charging of such assessments.
(2) The board may not increase any assessment for common expenses when the declaration limits the amount of such assessments unless the owners amend the declaration as provided in division (A) of section 5312.05 of the Revised Code to allow the increased amount.