ReneeD (Illinois)
Posts: 201
Posts: 201
Posted:
We are an Illinois HOA. Would anyone know if there is a maximum dollar limit to how much assessment fees can increase in any given year? And, would anyone know how is it calculated? Thanks. -ReneeD
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Assessment Increase
Started by ReneeD • 6 replies • 2578 views
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RandyG (Washington)
Posts: 9
Posts: 9
Posted:
In my By-Laws the assessment can be increased each year at a minimum in accordance with Consumer Price Index for your region.
Washington State HOA
Washington State HOA
MichaelS56 (Minnesota)
Posts: 858
Posts: 858
Posted:
Our governing documents allow for a 5% annual increase without resident vote.
CathyA3 (Ohio)
Posts: 6,299
Posts: 6,299
Posted:
It may depend on whether you're in condos or in single family homes:
https://www.hopb.co/illinois
https://www.ksnlaw.com/blog/special-assessments/
https://www.cai-illinois.org/the-reserve-budget/
Keep in mind that expenses are what they are, and that keeping assessments artificially low will not cause those expenses to decrease. This can have dire consequences. At a minimum it will result in higher expenses over time since deferred maintenance will result in associations burning through the useful life of their physical assets at a faster rate. At the other extreme we have the Surfside condo collapse.
(I refer to these legislative attempts to keep assessments low as licenses to commit financial suicide. They're probably well intended but they're short sighted, and they ignore the fact that the factors driving up costs don't care what legislators or homeowners want. This sort of financial silliness is my biggest gripe about HOAs/COAs.)
https://www.hopb.co/illinois
https://www.ksnlaw.com/blog/special-assessments/
https://www.cai-illinois.org/the-reserve-budget/
Keep in mind that expenses are what they are, and that keeping assessments artificially low will not cause those expenses to decrease. This can have dire consequences. At a minimum it will result in higher expenses over time since deferred maintenance will result in associations burning through the useful life of their physical assets at a faster rate. At the other extreme we have the Surfside condo collapse.
(I refer to these legislative attempts to keep assessments low as licenses to commit financial suicide. They're probably well intended but they're short sighted, and they ignore the fact that the factors driving up costs don't care what legislators or homeowners want. This sort of financial silliness is my biggest gripe about HOAs/COAs.)
JohnT38 (South Carolina)
Posts: 1,631
Posts: 1,631
Posted:
Quote:
Posted By CathyA3 on 10/11/2021 5:02 AM
It may depend on whether you're in condos or in single family homes:
https://www.hopb.co/illinois
https://www.ksnlaw.com/blog/special-assessments/
https://www.cai-illinois.org/the-reserve-budget/
Keep in mind that expenses are what they are, and that keeping assessments artificially low will not cause those expenses to decrease. This can have dire consequences. At a minimum it will result in higher expenses over time since deferred maintenance will result in associations burning through the useful life of their physical assets at a faster rate. At the other extreme we have the Surfside condo collapse.
(I refer to these legislative attempts to keep assessments low as licenses to commit financial suicide. They're probably well intended but they're short sighted, and they ignore the fact that the factors driving up costs don't care what legislators or homeowners want. This sort of financial silliness is my biggest gripe about HOAs/COAs.)
It may depend on whether you're in condos or in single family homes:
https://www.hopb.co/illinois
https://www.ksnlaw.com/blog/special-assessments/
https://www.cai-illinois.org/the-reserve-budget/
Keep in mind that expenses are what they are, and that keeping assessments artificially low will not cause those expenses to decrease. This can have dire consequences. At a minimum it will result in higher expenses over time since deferred maintenance will result in associations burning through the useful life of their physical assets at a faster rate. At the other extreme we have the Surfside condo collapse.
(I refer to these legislative attempts to keep assessments low as licenses to commit financial suicide. They're probably well intended but they're short sighted, and they ignore the fact that the factors driving up costs don't care what legislators or homeowners want. This sort of financial silliness is my biggest gripe about HOAs/COAs.)
FYI, 16 year old post.
CathyA3 (Ohio)
Posts: 6,299
Posts: 6,299
Posted:
Quote:
Posted By JohnT38 on 10/11/2021 5:37 AM
FYI, 16 year old post.
FYI, 16 year old post.
Consarned, goldurned, dang-blasted, rackin'-frackin' %!*@&@!! It appears that the moderators have removed the account responsible, maybe?
Meanwhile Yosemite Sam and I have business to attend to ... :-)
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