Are there limits on how much I can be charged for condo fees?

Yes, North Carolina has limits on how much a condo owner can be charged for condo fees. According to North Carolina state law, condo fees for a condominium unit may not exceed 25% of the unit’s value. This includes all common expenses such as utilities, repair costs, and insurance. In addition, an owner’s yearly condo fee cannot exceed 1.5% of the yearly average sale price of all units in the condominium. Lastly, the condo association cannot charge any fees for special assessments over the amount of one quarter the total budget allocated for the condominium that year. These limitations are in place to protect condo owners from being overcharged. The state legislature understands that condo fees can be a significant burden on condo owners and that no one should be charged an unreasonable amount. That’s why it is important for condo owners to review their condo fees regularly and make sure that they are not being charged more than the law allows.

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Are there limits on how much I can be charged for condo fees?

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