Question:
Texas law states: “if the restrictions allow for an annual increase in the maximum regular assessment without a vote of the membership, assess the increase annually or accumulate and assess the increase after a number of years;” Can you explain the process required to implement the maintenance fee increase by the “accumulate and assess after a period of time”? Our governing documents provide for a 3% increase with no vote. More than that requires 2/3 majority.
– Dawn
Answer:
Hi Dawn,
This may mean that instead of increasing the fees each year, the association can accumulate or sum all the increases in assessments and levy them in one go after several years. Hence, the standard rate can remain for several years without an increase and jump more significantly after the period has passed. However, it may be best to consult a lawyer for further clarification.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
