Maryland Condo Fees Soar Due to New Reserve Law
Key Takeaways Maryland's new condominium reserve law drastically increases fees for residents, with hikes reaching up to 30%. These increased fees are compounded by a significant 20.1% rise in property values, heightening concerns over affordability. Homeowners Association boards and residents are under pressure to manage budgets effectively while maintaining financial stability. Financial Impact of Maryland’s Reserve Law on Condo Communities Maryland's new condominium reserve law hits with financial lightning. Residents in historic Annapolis face dramatic fee hikes—up to 30%—to maintain full reserve funds. This legal mandate strains wallets, with some reporting increases over $50 per unit monthly. Aggravated by a 20.1% surge in property values, fears of affordability loom large. HOA boards wrestle with budget balancing while residents grapple with financial stability. Explore the tectonic shifts in Maryland's condo environment. Escalating Condo Fees in Maryland Condominium...