Real Property - Condominiums - Assessments

HB 581 modifies Maryland law to allow condominium boards to increase annual assessments for non-reserve common expenses by up to 5% above the previous year's level, overriding any restrictions in condo documents that previously required owner approval for such increases. This directly affects condominium associations and their unit owners by changing how boards can adjust regular operating costs (like maintenance or utilities). The bill specifically targets non-reserve expenses - excluding reserve funds for future capital projects - and sets a clear 5% annual cap on these assessment hikes. It does not affect increases for reserve funding, which remain unrestricted under the bill. The change takes effect October 1, 2025.