{"data":{"id":"us-ky/krs-381.796","jurisdiction":"us-ky","citation":"KRS 381.796","heading":"Assessment for common expenses -- Increase -- Interest and late fees.","body":"In addition to the provisions of the declaration, bylaws, rules, or regulations of the\nassociation:\n(1) Common expenses shall include all costs incurred in the administrati on,\ngovernance, and maintenance of an association, including but not limited to\ninsurance premiums and expenses, maintenance and repair expenses, and any\nreserves for replacement of the common areas.\n(2) The common expense liability of each lot shall be al located equally among all the\nlots in the form of an assessment. The board shall assess the common expense\nliability for each lot at least annually based on a budget the board adopts in\naccordance with KRS 381.790 and 381.797.\n(3) After termination of the declarant control period, the board shall abide by KRS\n381.797 for any increase of any assessment.\n(4) The board may charge interest or a late fee on any past due assessment or\ninstallment at the rate established by the board, not to exceed any maximum rat e\nallowed by law.","path":["KRS Chapter 381"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53667","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:11Z","sha256":"bc6ffaf5f78f1a3a7ea00c504f3daff314838eff92475c8556abae2a1abe3ad6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-381.795","next":"us-ky/krs-381.797"},"notice":"GroundRules: Original legal text. Not legal advice."}