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Subject: Yearly allowable HOA fee increase
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Author Messages
JeffB3
(Virginia)

Posts:2


10/12/2008 6:25 PM  
I live in the state of Virginia and was told that a law in VA prevents monthly HOA dues from being increased by more than 5% in a year. Is this a true statement and if so can someone please advise me where I can find the details of this law. Our HOA is talking of raising the HOA dues by much more than 5% next year and I wanted to check on this in advance of the increase. Thanks.
GlenL
(Ohio)

Posts:5491


10/12/2008 6:46 PM  
A quick cursory search of the Virginia Property Act didn't reveal a limit on assessment increases. I'm not saying it doesn’t exist, just that I couldn't find one. You can view the relevant Virginia statutes by clicking on the link to Community Associations Network on the left and clicking on Virginia under state info.

The Declarations and By-laws that you should have received when you closed, should spell out how the assessments are increased and any limits, this is the first thing you should look at. Some communities require the homeowners to approve the budget, while in others it is a function of the Board of Directors.

Studies show that 5 out of 4 people have problems with fractions
JeffB3
(Virginia)

Posts:2


10/12/2008 7:03 PM  
Ours is approved by the BOD, not the homeowners. It really hasn't been a big deal and our dues with the increase will still be either comparable or lower than the ones in the area with similar ammenities. I'm just a little ticked that more wasn't done in terms of cost cutting in next year's budget to keep the increase down. Little to nothing was cut to keep the dues from increasing so much.
KirkW1
(Texas)

Posts:1665


10/13/2008 7:35 AM  
The thing to do is to find out if the others feel as you do that more should have been done to cut costs. If so, then get some people together to change BOD members at the next meeting.

You have every right and reason to be involved in the process. But understand that if you really mean business, then that means involvement. If you simply want to sit on the sidelines complaining, then I have no sympathy for you. But if you want to be involved you can make a change.
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Forums > Homeowner Association > HOA Discussions > Yearly allowable HOA fee increase



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