Ocoee HOA assessments are governed by FL §720.308: budgets approved annually, assessments due per declaration, late fees up to 25 dollars or 5 percent, and interest up to 18 percent on delinquent amounts.
FL §720.308 allows HOAs to levy regular and special assessments per the recorded declaration. Budgets must be adopted annually with notice to members. Delinquent assessments accrue interest up to 18 percent and late fees of the greater of 25 dollars or 5 percent. HOAs may record claims of lien under FL §720.3085 after 45 days of demand notice, and foreclose after further notice. Reserves are generally not mandatory for HOAs (unlike condos under FL §718).
Unpaid assessments: lien, foreclosure, loss of common area use rights under FL §720.305(2). Attorney fees recoverable to prevailing party.
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