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Can HOA fees fluctuate?
Unfortunately, the short answer is usually “no.” An HOA can typically raise dues as much as it needs to in order to meet its annual budget. There are exceptions, however. This article will discuss some ways that increases in dues and assessments might be limited.
What is a sub HOA?
Many people think that the master association is always the only homeowners association with the community. However, within the master association, there may be separate sub-associations, or “subs,” with their own dues, policies and governing documents, as created by their developers.
How does An Hoa decide how much to charge?
The HOA then determines how much it needs to collect from each owner in periodic dues to meet the budget. The HOA might pay for any costs that arise outside the budget by collecting a special assessment from each owner, or by withdrawing funds from the reserve account.
What can An Hoa do if an owner does not pay dues?
The HOA might (or might not) have the right to assess fees for delinquent dues, start a lawsuit against the nonpaying owner, put a lien on the delinquent owner’s property, or even foreclose on the owner’s property to collect the lien amount.
How much can a Hoa raise dues in Arizona?
In Arizona, for example, the HOA cannot increase dues by more than 20\% per year without the vote of a majority of members of the HOA (Arizona Revised Statutes §33-1803).To find out whether your state has laws limiting dues or assessment increases, you’ll need to do some research, or consult an attorney in your area.
What is a homeowners association (HOA)?
Upon purchasing a home in a development, the owner automatically becomes a member of its HOA. HOAs are usually run by a board of directors, made up of individual members (homeowners) elected by all the members (owners).