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How does our HOA fairly establish annual fees and assessments?

| Condo & HOA Assessments |   Budgets & Finance |   Condo Reserves |   Fees, Foreclosures, Delinquencies & Collections |  


Question:

We are in the process of updating our HOA bylaws and establishing HOA fees and reserves. Our HOA is made up of 400 sq ft 1 bedroom oceanfronts; 200 sq ft oceanfront studios; 300 sq ft oceanview studios; 500 sq ft 2 bedroom oceanview; 300 sq ft studios without views.

We need help in figuring a "fair" assessment percentage for HOA fees and reserves. Are there any standard HOA budget formulas to use?  What's the best way to do this?


Answers (5)

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