Illinois guide
Illinois HOA special assessment rules
Illinois special-assessment rules combine specific statutory vote thresholds with declaration-level overlays. Condo capital assessments exceeding 5 percent of the budget require 2/3 owner approval under Section 18.
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CICAA HOA budgets exceeding 115 percent of the prior year trigger a member referendum if 20 percent petition. Emergency assessments can be levied by board vote alone in both regimes. Borrowing is permitted by statute without owner approval, though many declarations require it.
Condo capital assessment framework (765 ILCS 605/18)
Non-emergency capital improvements exceeding 5 percent of the annual budget require 2/3 owner approval. Emergency assessments for immediate threats to structural integrity, health, or safety may be levied by board vote alone. Multi-year assessments are permitted; entire amount counts in year 1.
CICAA assessment framework
Board may levy emergency assessments unilaterally. Non-emergency improvements require majority owner approval at meeting. Budget increases above 115 percent of prior year trigger a member referendum if 20 percent petition. Multi-year assessments permitted.
Borrowing
Both statutes grant boards corporate borrowing powers without owner approval. Many declarations require approval for material loans. Loan obligations should be disclosed in resale certificate planned-capital sections.
Disclosure of pending assessments
Section 22.1 certificate must include planned capital expenditures for current and next 2 fiscal years. Approved-but-not-yet-billed and discussed-but-not-approved assessments may not appear. Read 18+ months of board minutes.
Illinois legal references
Informational only. Not legal advice. Always confirm against current statute and counsel.
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Find a Illinois specialist →Reviewer's checklist
- Read declaration for any owner-vote threshold on special assessments
- Confirm formally approved assessments appear in Section 22.1 certificate (condos) or 1-35 (HOAs)
- Verify 2/3 vote compliance for any condo capital assessment >5% of budget
- Check for any 115% budget-increase trigger and petition activity
- Read 18–24 months of board minutes for emerging assessments
- Identify any outstanding association loans or lines of credit
- For Chicago: compare to FISP-identified work scope
- Address contract allocation between certificate and closing
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Related risk areas
Read these next to round out your due diligence
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
Condo document review
A condo document review is the structured analysis of every disclosure document your seller or association has provided — declaration, bylaws, rules, reserve study, budgets, financials, meeting minutes, insurance summary, estoppel or resale certificate, and any pending special assessment notices.
Insurance risk
The association's master insurance policy determines what your personal HO-6 policy needs to cover — and what it does not.
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