As many of you already know, each owner of a condominium unit pays $4.00 per year to the Department of Business and Professional Regulation, Division of Condominiums, Timeshares and Mobile Homes. The money is supposed to be spent helping to regulate and provide services to condominium unit owners throughout our state.
Each year, because the money is not spent, there is a huge surplus, often to the tune of millions of dollars. Instead of the money remaining in a fund set aside for the condominium unit owners, this “Trust Fund” gets swept into the general fund and is used for any purpose The Florida Legislature wants to use it for. Make no mistake about it, condominium unit owners are in effect being extra taxed. Sure, it’s only $4.00 per year. However, when you think about the number of condominium units throughout the state, you can understand how staggering the number actually is.
Year after year we have heard legislators act surprised and shocked to learn that this was actually happening to condo owners. Many have promised to put an end to this shenanigans. Nobody did.
This year, House Bill 1259 was filed by Representative Fernandez and it seeks to prevent The Florida Legislature from raiding these funds that should remain in the Trust Fund and should be spent only on those condominium unit owners who contributed. I know this…..if I take funds from my law firm’s trust account that don’t belong to me, I get disbarred and face a prison term. Why should The Florida Legislature be allowed to take the $4,00 from a trust fund that was paid into by condo unit owners and spend it on non condo owners?
This bill is long overdue and is worthy of your support.