Assessments for common expenses
- Statute:
- North Carolina §47F-3-115 · Chapter 47F (North Carolina Planned Community Act)
- Topic:
- Assessments · How assessments are levied
- Applies to:
- HOA associations
Until the association levies an assessment, the declarant pays all common expenses. After that, assessments must be made at least annually, in the declaration's allocated shares. Past-due assessments bear interest at a rate the association sets, not exceeding 18 percent per year. For planned communities created before January 1, 1999, interest may be charged only if the declaration provides for it (capped at 18 percent if the declaration is silent on the rate). Also applies to pre-1999 planned communities unless the instruments say otherwise.
📄 Read the official text at ncleg.gov →
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 North Carolina §47F-3-115 require?
- Until the association levies an assessment, the declarant pays all common expenses. After that, assessments must be made at least annually, in the declaration's allocated shares. Past-due assessments bear interest at a rate the association sets, not exceeding 18 percent per year.
- Who does North Carolina §47F-3-115 apply to?
- North Carolina §47F-3-115 applies to HOA associations in North Carolina.
- What happens if our HOA doesn't comply with §47F-3-115?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for North Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of North Carolina §47F-3-115?
- The official text is published by the North Carolina General Assembly at ncleg.gov. 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 North Carolina §47F-3-115 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a North Carolina-licensed attorney. For the official statutory text, see the link above.
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