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Old 12-26-2011, 12:26 PM
 
24 posts, read 55,049 times
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Can you buy in a Hoa community and have a cap on how much they can raise the fees? Could they turn around and claim something was unexpected and just raise the fees?
Thanks
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Old 12-26-2011, 01:13 PM
 
Location: Mtns of Waynesville,NC & Nokomis, FL
4,790 posts, read 10,611,895 times
Reputation: 6538
The HOA elected Board has a fiduciary responsibility to produce a Budget that will provide for the 'common grounds', reserve(s), and other items necessary for the well being of the particular HOA.

There is no legal 'cap' that I am aware of, in FL HOA law.

Yes, the elected Board can 'raise fees', usually done on an annual/fiscal year basis if annual/quarterly fees need to be increased to fund the approved budget.

Fees are either raised, or special assessments issued, or the reserve fund(s) is tapped...the money has to come from 'somewhere'.

If an owner(s) in the HOA does not like the manner the elected Board prepares the Annual Budget or 'spends' the money, any owner may run for the Board.

Similar question you posted in this forum; I rec'd GOOG'ng FL HOA laws and do some reading.
GL, mD
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