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Proposal would require HOA budgets, limit annual fee increases to 15% with exceptions
Summary
Rep. Terry Falk’s HB232 would require homeowner associations to provide annual budgets and profit-and-loss statements within 30 days of year-end and generally cap fee increases at 15% with procedures to exceed the cap by member vote; sponsors and witnesses debated exceptions for emergencies, small associations, and special assessments.
Representative Terry Falk (Kalispell) opened the House Judiciary hearing on HB232, which would require homeowners associations to present an annual budget to members within 30 days of the fiscal-year end, provide a profit-and-loss statement, and limit fee increases to 15% unless members approve a higher increase under prescribed voting rules.
Falk said the bill seeks to balance homeowners’ interest in predictable dues with associations’ need to fund roads, plowing and maintenance. The bill…
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