Which of the following statements is true about HOA assessments?

HOA (Homeowners Association) assessments are fees that homeowners pay to fund the maintenance and operation of common areas and services within their community. The correct statement indicates that the amount of these assessments can vary each year, depending on the association’s budget and financial needs.

Each year, the HOA typically evaluates its financial position and the costs associated with maintaining community amenities, landscaping, security, and other operational expenses. As a result, the board of directors may decide to increase, maintain, or decrease the assessments based on the needs of the community, planned projects, and overall financial health. This variability allows the association to respond effectively to changing conditions, such as increased maintenance costs or new initiatives.

When considering the other statements, they lack alignment with how HOA assessments function. For instance, assessments are not voluntary; they are mandatory fees required for all homeowners to ensure the community's upkeep. They are also not set by the state but rather determined by the HOA's governing documents and the decisions made by the board of directors. Additionally, they are typically different for every homeowner depending on the specific association rules, size of the unit, property type, and can include special assessments for unique projects or improvements. Thus, the statement that they can vary each year based on the