Summary
A new bill in Florida aims to make it easier for homeowners to dissolve their homeowners associations (HOAs). The bill allows a community vote for termination if 20% of HOA members sign a petition, and requires two-thirds approval from all homeowners. This could impact property values and financial responsibilities within these communities.
Key Facts
- A Florida bill proposes simpler rules for dissolving homeowners associations (HOAs).
- Homeowners can request a vote for termination with 20% signing a petition.
- Two-thirds of all homeowners must approve the termination for it to proceed.
- The proposal introduces a Community Association Court to oversee the process.
- HOA boards cannot use funds to oppose the dissolution.
- Florida has the second-highest number of HOAs in the U.S.
- HOAs often lead to homes selling for 5% to 6% more compared to non-HOA properties.
- The bill could shift costs from HOAs to individual homeowners.
