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Subject: Hoa increases
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Author Messages
MikeR24
(Florida)

Posts:1


01/08/2021 2:25 PM  
What is the maximum a hoa monthly fee be increased ?
We have a corporation attempting to buy our shareholder owned park in Florida. Shareholder owned our hoa is $225 per month. They say first year monthly will be $800. But how much can they legally increase in following years, if they “own” the park. They are attempting to buy our share, but will allow to stay, owning our mobile.
SheliaH
(Indiana)

Posts:3670


01/08/2021 3:45 PM  
Seems to me those are two questions and one's not necessarily related to the other.

Regarding fee increases, you should read your documents to see how that's addressed. In my community, the board can increase assessments up to 5% over the current year - over that requires homeowner approval. Some HOAs allow the board to increase it to whatever's appropriate (although that's rare) and others require homeowners to ratify the budget.

The purchase of your park is another matter - keep reading your documents to see what it says about selling or dissolving the HOA. Usually, this requires ALL the homeowners to vote to approve this and in some cases, those with mortgages may have to get the blessing of the bank because this could impact the mortgage terms. Once you and your neighbors decide to sell the park, the new owners will be able to increase the price however they want and you won't have a say in it AT ALL.

I certainly hope your HOA board is consulting the association attorney about all this - not only do you need to know the impact regarding assessments, but there may also be other restrictions the new company might impose because they can. If you don't like it, you'll have to leave or learn to live with it. Get the pros and cons of this purchase and how it'll affect your life, and then make an informed decision (it's not just about the money). Good luck with all this.

AugustinD


Posts:4828


01/08/2021 4:06 PM  
Posted By MikeR24 on 01/08/2021 2:25 PM
What is the maximum a hoa monthly fee be increased ?
We have a corporation attempting to buy our shareholder owned park in Florida. Shareholder owned our hoa is $225 per month. They say first year monthly will be $800. But how much can they legally increase in following years, if they “own” the park. They are attempting to buy our share, but will allow to stay, owning our mobile.
If your park is subject to Florida statute 723, then read here: http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0723/0723ContentsIndex.html

Maybe start at FS 723.033 and 723.037.
PatriciaR9
(California)

Posts:3


01/11/2021 5:31 PM  
I am in California, but it is typically 20% without a vote of the members.
GeorgeS21
(Florida)

Posts:3601


01/11/2021 5:55 PM  
MikeR,

It depends on what your documents specify.
JohnC46
(South Carolina)

Posts:10366


01/12/2021 10:03 AM  
Reread the first post.

A corporation is trying to buy the mobile home park and the OP says if successful, the corporation will raise the dues. I say if they buy it, they can do as they wish.
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