Question:
The Reserve, a condominium complex on 941 Calle Mejia, Santa Fe, NM, 87501, recently sent out an increase notice for two additional charges.
I understand they have not had an audit of their HOA dues for several years, and do not want to participate in one.
They recently informed owners they would be increasing not only HOA dues but will add an “additional monthly charge” on top of that to pay for maintenance charges that were not taken care of in the past few years (?), and then sent out another notice indicating the two increases would be “combined” as HOA dues (?)
I would like to know if this is legal and/or who regulates these dues??
Who can owners in this complex turn to for assistance?
Answer:
It is normal for condominium associations to raise dues every now and then to meet the demands of the association’s budget and anticipated expenses. The first of the two increases may be referring to the dues themselves while the second increase may be aimed towards meeting the optimal level of funding for your HOA’s reserves. New Mexico law currently does not limit how much a condo board may increase dues.
If you wish to see where your money is going, you might consider reviewing the association’s financial records. Section 47-7C-18 of the New Mexico Condominium Act states: “The association shall keep financial records sufficiently detailed to enable the association to comply with Section 61 [47-7D-9 NMSA 1978] of the Condominium Act. All financial and other records shall be made reasonably available for examination by any unit owner and his authorized agents.”
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
