Of special concern would be special assessments. Rare in single family homes, but common in condos. This can cause a rash of forclosures, and drive down home values. They tend to pop up with new builds, and untrustworthy HOA's. Some good HOA's might have them too for big projects. Such as roofs and big water heaters.
Colorado charges no real estate transfer tax when a home is sold. All properties are subject to a real property tax which is paid in arrears, 2012 property taxes are paid in 2013. Said taxes are set by each county and may be adjusted every two years. Personal property such as appliances and window coverings are not taxed upon the sale of the property.
Home owners may pay property taxes annually in one of 3 ways: One lump sum paymen. Two payments - 1/2 in February and the other 1/2 in June. Or what's most common, 12 monthly with the mortgage payment, hence PITI - Principal, insurance (home owner's not mortgage insurance), taxes (Property), and interest.
HOA amounts are determined by the homeowners in their particular community and are not property taxes. I know of no community where property taxes are covered by the HOA in Colorado.
Please contact me with any other questions. Thank you.
Ed Quinn, Owner Broker
Quinn Corp Metro Broker