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

Yes, there are limits on how much a condo association can increase their dues in South Carolina. According to the South Carolina Condominium Act, a condo association can only raise their dues by a maximum of 10% annually. However, the association may increase the annual dues if it is necessary to cover the costs of things like regular maintenance or repairs. Additionally, a condo association can make a special assessment if it is necessary to cover a single large expense that is not covered by the regular dues. Special assessments are more common in older condo communities as the association will need to cover the cost of major repairs more often than those in newer buildings. However, the amount of the special assessment must be approved by a majority vote of the condo unit owners. The condo association must also notify all the owners of any upcoming dues or special assessment changes. Generally, they will call a special meeting of all the unit owners, but they may also provide notification through regular mail to the owners. In either case, all the owners must be informed of the proposed changes before the association can move forward with approving them. In summary, condo associations in South Carolina are limited in how much they can increase their annual dues. However, special assessments must be approved by all the owners before the association can move forward with such a change.

Related FAQs

What are the condo laws in my state?
Are there restrictions on the types of materials that can be used in a condo unit?
Can I be held responsible for damage caused to shared areas in a condo complex?
What happens if I fall behind on my condo fees?
Can I rent out my condo unit on a short-term basis?
Are there limits on how many condos can be in a single complex?
Are there restrictions on how I can use my condo unit?
Who is responsible for taking care of common areas in a condo complex?
What are the rules for shared spaces in a condo complex?
Can I sue my condo association if they breach their contract?

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

Related FAQs

Related Blog Posts