Hi everyone, I just bought a condo in Chicago. It's a 15-unit complex. Here is the situation:
- During attorney review and prior to closing, the HOA said we own 6% of the common ownership interest. The HOA monthly dues they are asking us to pay is also based on the 6% number, so 6% of the total HOA dues are paid by us.
- We just got our property tax re-assessment in the mail and learned that according to the county and the last official recording with the county, our unit has a 7% common ownership interest. The county is also valuing our assessment for property tax based on this 7% figure (so it increases our property taxes a bit compared to if the county recognized the 6% figure).
- We asked the HOA why the difference between 6% and 7% and it turns out that in the 1990s, the HOA changed the allocation table so our unit was decreased from 7% to 6%, so monthly dues have been based on the 6% allocation but this update was never recorded with the county.
- Apparently, the HOA asked their law firm about this last year too and the law firm said we could get allocations re-recorded but in that case, they'd need to first hire someone to come in and re-assess the allocations and all 15 units would need to agree with the re-recording too.
- I've asked the HOA to request to the law firm if instead of hiring someone to re-assess the allocations, if the updated HOA % dues allocations from the 1990s (which indicate my unit as 6%) could just be recorded with the county. The HOA said they will ask their law firm if we can take this more straightforward option.
What would you do in this situation? I don't want to make it a bigger deal than it needs to be but here are my two concerns:
1. HOA currently operates as if I own 6% of the common interest and charges me monthly dues as such. The county's recordings say I own 7% of the common interest. I don't want this to ever come back to me in a way that someone tries to claim I have underpaid my HOA dues. Obviously this did not affect the prior seller to me because they've been paying monthly dues as if they own 6% and it wasn't a problem when I tried to buy the condo, but you never know for the future I suppose.
2. If the real, latest number is 6%, I would prefer the county recognizes that as it would also lead to a reduction in my property taxes, but I do recognize this would come at the expense on another unit's property taxes in the building going up.
Let me know your thoughts. Thank you!
- During attorney review and prior to closing, the HOA said we own 6% of the common ownership interest. The HOA monthly dues they are asking us to pay is also based on the 6% number, so 6% of the total HOA dues are paid by us.
- We just got our property tax re-assessment in the mail and learned that according to the county and the last official recording with the county, our unit has a 7% common ownership interest. The county is also valuing our assessment for property tax based on this 7% figure (so it increases our property taxes a bit compared to if the county recognized the 6% figure).
- We asked the HOA why the difference between 6% and 7% and it turns out that in the 1990s, the HOA changed the allocation table so our unit was decreased from 7% to 6%, so monthly dues have been based on the 6% allocation but this update was never recorded with the county.
- Apparently, the HOA asked their law firm about this last year too and the law firm said we could get allocations re-recorded but in that case, they'd need to first hire someone to come in and re-assess the allocations and all 15 units would need to agree with the re-recording too.
- I've asked the HOA to request to the law firm if instead of hiring someone to re-assess the allocations, if the updated HOA % dues allocations from the 1990s (which indicate my unit as 6%) could just be recorded with the county. The HOA said they will ask their law firm if we can take this more straightforward option.
What would you do in this situation? I don't want to make it a bigger deal than it needs to be but here are my two concerns:
1. HOA currently operates as if I own 6% of the common interest and charges me monthly dues as such. The county's recordings say I own 7% of the common interest. I don't want this to ever come back to me in a way that someone tries to claim I have underpaid my HOA dues. Obviously this did not affect the prior seller to me because they've been paying monthly dues as if they own 6% and it wasn't a problem when I tried to buy the condo, but you never know for the future I suppose.
2. If the real, latest number is 6%, I would prefer the county recognizes that as it would also lead to a reduction in my property taxes, but I do recognize this would come at the expense on another unit's property taxes in the building going up.
Let me know your thoughts. Thank you!
Statistics: Posted by toyotafan_463 — Tue Jul 09, 2024 9:16 pm — Replies 0 — Views 146