Are there restrictions on how much I can increase my condo association dues?

Yes, there are restrictions on how much a condo association can increase its dues in Delaware. The amount of the increase is stipulated in the Delaware Condominium Act, which states that the condo association is not allowed to increase the association dues unless the increase is approved by a majority of the members of the association. The approved amount of the increase should not exceed the estimated amount of expenses that the association has incurred during the previous fiscal year. Additionally, the condo association can only increase the dues if the budget for the current year has been approved before the start of the year. This means that the association needs to provide an accurate budget to the members of the association in order for the members to approve the dues increase. It is important to note that the dues can be increased at any time during the year by the condo association, but the new dues will not take effect until the following year. This gives the members of the association time to review the proposed increase and make an informed decision. Finally, the condo association must send a notice to all members of the association at least 30 days before the proposed increase takes effect. This allows members to debate and discuss the proposed increase. If the members do not agree with the proposed increase, they can vote against it.

Related FAQs

Who is responsible for paying for repairs and maintenance in the condo complex?
What happens if I fall behind on my condo fees?
Are there restrictions on how much I can increase my condo association dues?
Can I sublet my condo unit without permission from the association?
Can condo owners have access to the condo association's financial records?
Are there restrictions on the types of businesses that can be operated in a condo complex?
Who is responsible for paying for major repairs to a condo complex?
What is the process for resolving disputes between owners in a condo complex?
How do I go about getting permission to make changes to my condo unit?
What is the penalty for violating the condo association's rules and regulations?

Are there restrictions on how much I can increase my condo association dues?

Related FAQs

Related Blog Posts