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 Virginia. The Virginia Condominium Act requires that the amount of dues charged by a condo association must be reasonable and authorized by a majority vote of the unit owners. The vote must take place in a meeting that is properly recorded and noticed, with the meeting minutes reflecting the amount of the increase approved by the unit owners. The Condominium Act also states that an increase of more than 10% must be approved by two-thirds of all unit owners. The Virginia Condominium Act does not provide a specific rate of increase that a condo association can charge, but rather it sets a framework in which the association can properly increase its dues if a majority of the owners agree to do so. Additionally, condo associations must abide by any regulations or bylaws that have been set by the association and are applicable to their particular condominium. Even though there are restrictions on how much a condo association can increase its dues, the association must be able to demonstrate that the increase is necessary and that it is in the best interest of the entire condominium. An association may need to increase dues to cover operational expenses or to fund necessary repairs and maintenance. Ultimately, it is up to the condo association and the unit owners to decide on the appropriate amount of dues to be charged.

Related FAQs

Are there restrictions on the types of renovations that can be done in a condo unit?
Can I refuse to pay my condo association dues?
What happens if I fall behind on my condo fees?
What is the penalty for violating the condo association's rules and regulations?
What are the rules for common areas in a condo complex?
What can I do if my neighbor is causing a nuisance in the condo complex?
Are there restrictions on the types of businesses that can be operated in a condo complex?
Can I be held responsible for damage caused to shared areas in a condo complex?
Can I challenge decisions made by my condo board?
What are the rules for shared spaces in a condo complex?

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

Related FAQs

Related Blog Posts