I believe the HOA in my neighborhood is overcharging for late fees. The C&R's indicate that 10% per annum will be added for late assessments. The monthly HOA fee is $55. In this case, my understanding is that this means 10% per year, so $5.50 per yr or $0.4583 per month late fee. The HOA is currently charging $5.50 per month with compounded interest. This hugely differs from what I understand we should be charged. Am I correct in my understanding? And if the association won't discuss the matter with me, who do I contact to get this issue resolved?