Real Property - Condominiums - Assessments

SB 464 allows condominium boards in Maryland to increase annual assessments for regular operating expenses (not reserves) by up to 5% without requiring owner approval, overriding any existing restrictions in the condo's governing documents. This directly affects residential condominium associations and their unit owners, as it changes how boards can fund day-to-day costs like maintenance and utilities. The key provision sets a strict 5% annual cap on assessment increases for non-reserve expenses, based on the previous year's total for those costs. The bill takes effect October 1, 2025, and applies to all residential condominiums governed by Maryland law.