I am a condo owner in Illinois. I just recently received a notice from the condo association stating that the monthly hoa fees will increase 48% for the 2023 fiscal budget. What recourse as an owner do we have to stop this? Besides the huge financial strain this creates, selling a unit with this type of hoa fees will be next to impossible.
Generally, the board of a condo association does not require approval from the membership to increase fees. However, as per Section 18(a)(8) of the Illinois Condominium Property Act, if the increase exceeds 15 percent, 20 percent of the membership can submit a written petition within 21 days to vote on the expense that would require the increase. A majority of the entire membership must vote against the budget to overturn the increase.
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