|
Q.Is there any limit on how much the monthly dues can be increased?
A.The board of directors (Board) can increase the amount of the monthly dues paid by the association's homeowners by following certain procedures mandated by California Civil Code § 1366.
Pursuant to California law, the Board may not increase the regular assessment by more than 20% per year, without the approval of a majority of the homeowners. The Board must circulate a budget to the homeowners not less than 45 days, but no more than 60 days, before the beginning of the fiscal year. If the budget indicates that a dues increase of more than 20% is necessary, a majority of the homeowners must approve the dues increase, absent an emergency (an extraordinary expense required by court order, or emergency repairs to the common area).
It is important to note that the governing documents of your particular HOA may contain more stringent restrictions than the default provided by California law.
dues increase, homeowner dues, home owner dues, condo dues, homeowner association, homeowners association, hoa, condo, condominium, townhouse, townhome, town home, home owner association, condominium laws, condo laws, california condo laws, condominium codes, HOA laws
|
|
