IL HB4620

Reduces the maximum annual assessment increase cap from 115% to 105% of the prior fiscal year's total regular and separate assessments for common interest community associations in Illinois.

Eliminates the previous ratification process requiring member petition and voting if a budget would exceed the assessment cap threshold.

Members must still receive proposed annual budgets 30-60 days before board adoption with details on reserves, capital expenditures, and real estate tax allocations.

Boards must provide members with detailed financial summaries and either itemized expense accounting or independent audit reports for the preceding year.

Allows emergency assessments and assessments mandated by law to be adopted by the board without member approval or assessment cap limitations.