Category Archives: Personal Finance: Tax liabilities

Illinois condo HOA legislation update (March 2019)

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By Deborah Goonan, Independent American Communities The Illinois Legislature is considering several bills that would limit Home Rule power of local governments; mandate that a condo board must provide nominal due process before levying a fine; change the process for payment of property taxes; and increase transparency and disclosure requirements.   HB 29 would stop local government from enacting Ordinances that contradict state law The bill states that a local government, including a Home Rule Continue ReadingIllinois condo HOA legislation update (March 2019)→

10 questions property owners should ask before voting on Special Districts

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By Deborah Goonan, Independent American Communities Here on IAC, I’ve been following a growing trend. Subdivisions, and planned communities — many of them HOA-governed — are turning to Special Districts to pay for failing infrastructure and other neighborhood improvements. On this website, you can read about dozens of communities across the U.S., where homeowners look to their local governments to collect taxes or fees for various projects. When it’s not possible or practical for a Continue Reading10 questions property owners should ask before voting on Special Districts→

Good government leaders could end double taxation of HOA property owners

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By Deborah Goonan, Independent American Communities A few days ago, I explained, by example, the outrageous reason that local governments mandate homeowners’ associations for all new residential development: double taxation. For decades, most government leaders bought into the misguided notion that they could privatize public services by shifting responsibility to HOAs. Under the guise of saving money and keeping property taxes low, city and county governments created the ultimate bait and switch scheme. But in the Continue ReadingGood government leaders could end double taxation of HOA property owners→

Outrageous! Why cities insist on an HOA for new development

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By Deborah Goonan, Independent American Communities Ever wonder why all new construction in your city or county is governed by a homeowners’ association? The answer, in two words: double taxation. Most people know that homeowners pay property taxes to support public schools, libraries, local police departments, and maintenance of public infrastructure such as roads. But did you know that, for the past 2 or 3 decades, municipal and county governments actively avoid taking on new pubic Continue ReadingOutrageous! Why cities insist on an HOA for new development→