Is there anyway to fight this HOA fee increase? And, is 141 excessive for my area in area code 89120 for a condo complex of 80 units?

Asked by Cbarishman, 89120 Tue Dec 8, 2009

My HOA for my complex is about to rise this year (2009) from 130 to next year (2010) where I am getting 141 for the HOA fee plus a new monthly fee of 40 dollars for a "reserve assessment." I did not know this would be a monthly fee and did not know what a reserve assessment fee was until the budget was voted on and sent in the mail. In the notice of the fee it simply said "There will be a 40 dollar reserve assessment fee."

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Frank Nason, Agent, Las Vegas, NV
Wed Dec 9, 2009
Nevada is, surprisingly, fairly advanced in their HOA requirements for budgeting and, particularly, in reserve requirements due to so many HOAs not having proper reserves to take care of capital expenditures when they are due.

It started out because the developers kept monthly fees too low for marketing purposes and then the home owners kept them low believing that they would move before some of the capital expenditures and major repairs needed attention.

Now there are statutory requirements concerning reserve studies and the level of funding required - with potential personal penalties for Board members responsible for underfunding.

The budget, both operating and reserve, should be tied to actual expenditures as well as the reserve study and easy to verify if you take the time to examine both.
0 votes
Christophe C…, Agent, Beverly HIlls, CA
Tue Dec 8, 2009
Not sure where you zip code is, but here in L.A. there are no fees really bellow $350 or so. The $40 reserve assessment should only be for a specified period of time to help the HOA build a strong reserve account in the event of future building issues.
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