When do budgeted increases require owner vote

Q. I have a question about Section 1-45(c) of the Common Interest Community Association Act. It states: “If an adopted budget or any separate assessment adopted by the board would result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 115 percent of the sum of all regular and separate assessments payable during the preceding fiscal year, the common interest community association, upon written petition by members with 20 percent of the votes of the association delivered to the board within 14 days of the board action, shall call a meeting of the members within 30 days of the date of delivery of the petition to consider the budget or separate assessment.” Can you provide an example of how this works?   Read the Q&A…………


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