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

Yes, there are restrictions on how much a condo association in New Jersey can increase its dues. According to New Jersey state law, a condo association cannot increase dues without approval from its members. First, the board of directors of the association must send out a notice of the proposed increase to all members of the association at least 30 days in advance of the meeting to vote on the proposed increase. The board must also explain the purpose of the increase and provide supporting information and documentation. At the meeting, two-thirds of the members must vote in favor of the increase for it to be approved. If a majority of members vote against the increase, the board cannot increase dues, but can instead suggest alternate ways to generate income or reduce expenses to avoid raising the dues. Additionally, the board cannot increase dues more than 10% in any given year without the approval of all members. The board must also create a budget and regular financial report that is made available to all members. This report should include all revenue and expenditure information, as well as any proposed fee or dues increases. If a fee or dues increase is proposed, the board must provide an explanation for why an increase is necessary and obtain the approval of the members.

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

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