94. My HOA annual assessment keeps going up and I want to know how much it will really cost to maintain my HOA?

First – you appear to have a Board of Directors that have knowledge and understanding by looking out for your property values and increasing your annual assessment each year.

Second – the real cost to maintain and sustain your HOA’s property, e.g. COMMON AREA can be found by reviewing your:

  • Annual Budget provided prior to and during your annual meeting, and/or by
  • Reviewing your reserve study

Unfortunately there is no WV disclosure law, at this writing [2017], requiring a declarant [developer] to provide that critical information for you. The responsibility rests entirely on the shoulders of your Board of Directors.

Should your Declaration of Covenants, Conditions and Restrictions include WV §36B Uniform Common Interest Ownership Act (UCIOA) there are two sections that immediately come to mind that may be helpful:

§36B-3-118. Association records.
The association shall keep financial records sufficiently detailed to enable the association to comply with section 4-109. All financial and other records must be made reasonably available for examination by any unit owner and his authorized agents

§36B-4-101. Applicability; waiver.
(i) The declarant [developer] has a reasonable and good faith belief that the maximum stated assessment will be sufficient to pay the expenses of the planned community;

also see FAQ #62