CONDO TRUST FUND
Important Facts on Association Fees
Section 718.501(2)(a), Florida Statutes, requires each condominium association that operates more than two units to pay to the division an annual fee in the amount of $4.00 for each residential unit. The fee is due by January 1 of each year. If the fee is not paid by March 1, the association shall be assessed a penalty of 10% of the amount due.
Rule 61B-23.002(1)(a), Florida Administrative Code, requires the division to mail to the association an annual fee statement. Failure to receive the annual fee statement shall not relieve the association of the obligation to pay the fee.
Rule 61B-23.002(2), Florida Administrative Code, requires associations to notify the division of a new mailing address within 30 days of a change of address.