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

Yes, there are limits on how much you can be charged for condo fees in South Carolina. The South Carolina Condominium Act limits the amount of the condo fees that can be charged by a condo association. The maximum amount that may be charged in any one year is one and one-half percent (1.5%) of the assessed value of the individual units that comprise the condominium. This amount should be considered the maximum allowed and is subject to change as market conditions change. The association must also provide an annual budget, which they must declare in the minutes of their meeting. The budget must be approved in that meeting and any changes must also be put to a vote. This provides an opportunity for unit owners to question or object to proposed changes in the assessments and for the board of directors to make an educated decision about how best to manage and maintain the property. It is also important to remember that the condo association must provide the unit owners with a written notice of any increases in the assessment and the reason for the increase. This allows unit owners to know what is going on and to be able to budget for any increases. In conclusion, the South Carolina Condominium Act has set limits on how much a condo association can charge for condo fees in order to ensure that unit owners are not unfairly charged. Unit owners should be aware of the limits when budgeting for condo fees and should also be aware of their rights to object to any proposed changes in the assessment.

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

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