Perhaps one of the most contentious aspects of living in a Florida condo association is the topic of dues. Owners love to hate them, but they’re an essential part of maintaining a well-operating HOA.
While no one likes to see their costs increase, we all know expenses are on the rise. To counter some of those increased expenditures, many condo boards vote to raise dues, but do owners get any say at all in this decision?
The Dos and Don’ts of Dues
Here in Florida, there is no state law imposing limits on how much an HOA can raise dues each year. The dues allocation process is generally done in conjunction with annual budget planning and is typically put to a board vote; however, it’s important to verify specific rules related to dues in your CC&Rs. For example, some declarations may impose limits on how much dues can increase each year.
That said, there is a stipulation in Florida law that applies to condo associations. Florida Statute 718.112(2)(a) states that if assessments are increased by more than 115%, then a substitute budget can be requested by owners. To do this, 10% of the owners must petition the board within 21 days of the budget’s imposition to request a special meeting.
Additionally, in a condo association, if the developer controls the board then there is an automatic rule that assessments cannot rise by more than 115% of the previous year, however, there are no such stipulations for HOAs.
Make Your Voice Heard
Even if your CC&Rs don’t require a vote when raising dues, there are ways to get involved. If you have serious concerns about the increase in dues, your best bet is to take proactive steps to inform yourself and understand your community’s needs.
Get involved and attend meetings regularly, especially budget meetings, so you have a solid understanding of how financial decisions are getting made. In rare cases, an overinflated budget can be due to a fiscally irresponsible board.
If your Miami condo association has questions about condominium law, please get in touch.
with our team at Dania Fernandez and Associates, P.A.
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