Question:
My HOA is raising rates almost 50% starting in January. They claim they are doing so to add money to the reserve that is alledegly quite low.
However, I have asked to see documentation citing the where abouts of the claimed $33,900 decrease and they refuse to give it to me.
I am new to the association and I am not sure what my rights are. Are they allowed to raise rates without providing documentation?
Thank you
– Kathryn
Answer:
Hi Kathryn,
The computation for assessments should be based on a budget as stated in the Minnesota Common Interest Ownership Act Section 515B.3-115(c) and Section 515B.3-1151(c). This budget must be approved at least annually by the association.
When it comes to record inspection, the association is required to make the records reasonably available for examination upon request by the members according to Section 515B.3-118. This includes financial records. You may raise this with the HOA board.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
