Assessments for common expenses
- Statute:
- New Mexico §47-7C-15 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Assessments · Levy
- Applies to:
- Condo associations
Until the association makes an assessment, the declarant pays all common expenses. After that, assessments are made at least annually on a budget adopted at least annually. Except as this section provides, common expenses are assessed according to the declaration's allocations. Past-due assessments bear interest at a rate the association sets, not exceeding 18 percent per year. Limited-common-element costs, costs benefiting fewer than all units, insurance in proportion to risk, utilities in proportion to usage, judgment assessments, and owner-misconduct costs follow the listed special rules.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Assessments for common expenses
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7C-15 require?
- Until the association makes an assessment, the declarant pays all common expenses. After that, assessments are made at least annually on a budget adopted at least annually. Except as this section provides, common expenses are assessed according to the declaration's allocations.
- Who does New Mexico §47-7C-15 apply to?
- New Mexico §47-7C-15 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7C-15?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7C-15?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Assessments for common expenses?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7C-15 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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