HOA dues Chicago, IL
I purchased one unit in a 3 unit building March 2014. According to the decs & bylaws my unit is 40% ownership and the other two are 30% ownership each. The HOA's were documented at $75/mo, and the 'president' of the association signed that they seller was paid up at that monthly fee on the warranty deed. I should note that the HOA is only 3 owners and each pays $75/mo.
Right after I moved in, the HOA (me, and the two other owners) had a casual meeting about increasing the HOA dues, and they said I owe 40% of the common expenses according to the Decs & Bylaws. I was ok paying a higher fee, but I did not agree to pay 40% when in the past it was split equally between the 3 units. They are very unorganized, and do not have budget, plan, meeting minutes, etc. I just started enforcing meeting minutes the last time we met.
My questions is, if we do need to increase the HOA dues to keep up with the water, insurance, electrical, and city bills should I agree to pay the 33.3% or 40%? All units are 3bd/2.5bath, but according to the decs & bylaws my unit is 1800sqft and the other units are 1400sqft. I understand maybe paying the 40% for insurance, but the other utilities are used equally. We have already had 2 small special assessments that has been taken out of the small reserve, but I'm concerned on a large special assessment. I plan on having this as a rental property for a long time, so I want to make sure I get this taken care of the correct way.
Thank you!
Neal