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

First – it appears you have a Board of Directors that have knowledge and understanding by looking out for your overall property values and increasing your annual assessment each year which is good!

Second – the real cost to maintain and sustain your community’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 and plan (annual increases are included within a plan)

Unfortunately there is no WV disclosure law, at this writing [2023], requiring a declarant/developer to provide that critical information for you. The responsibility rests entirely on the shoulders of your Board of Directors.

Consider 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 has a reasonable and good faith belief that the maximum stated assessment will be sufficient to pay the expenses of the planned community…

You could also request previous records from your Board of Directors. WVOHOA  published several helpful tips: ALL YOU HAVE TO DO IS ASKnot a definitive list

also see FAQ #62