Question:
The HOA board increased the fee without going through 2022 p&l. Is there a recourse to stop the board from implementing? Like get the HO to sign a petition stopping them to increase the fee. Thanks
– Raj
Answer:
In New Jersey, there is currently no limitation on how much a homeowners association can raise HOA fees annually. If you are governed by the New Jersey Horizontal Property Act, Section 46:8A-16 states that “books and the vouchers accrediting the entries made thereupon shall be available for examination by all the coowners at convenient hours on working days that shall be set and announced for general knowledge.”
A similar provision exists in the New Jersey Condominium Act as well. Section 46:8B-14(g) states: “The maintenance of accounting records, in accordance with generally accepted accounting principles, open to inspection at reasonable times by unit owners.”
You should also refer to your association’s governing documents. If your documents require the board to present the financial statements to the homeowners, then the board is obligated to do so. Your governing documents should also tell you what recourses are available to you as homeowners.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
