Chicago, IL HOA Rules: Assessment & Dues (2026)

Under the Illinois Condominium Property Act (765 ILCS 605/9), each unit owner is obligated to pay assessments in proportion to their percentage of ownership in the common elements. The board adopts an annual budget and levies assessments to fund common expenses including maintenance, insurance, reserves, and management. Special assessments for capital improvements or unexpected expenses may require a unit owner vote if the declaration or bylaws specify a threshold. Under Section 605/9(g), unpaid assessments create a lien on the unit that has priority over all liens except real estate taxes and prior recorded first mortgages. The association may foreclose on an assessment lien through the Illinois Forcible Entry and Detainer Act or by filing a lien foreclosure action. Illinois law requires associations to maintain reserves for repair and replacement of common elements. Section 605/18.4(n) requires the board to obtain adequate insurance and maintain reserve funds. Late fees and interest on delinquent assessments must be authorized by the governing documents. Under 765 ILCS 160/1-20, common interest community associations must provide annual financial statements to members. The association must also provide a paid assessment letter (disclosure statement) upon sale of a unit, for which it may charge a reasonable fee.