Elk Meadows residents pay some of the lowest water rates in the region: $33 a month. While most municipalities and utility companies raise rates gradually every year or every few years to keep up with inflation or help pay for future projects, Elk Meadows’ water rates haven’t changed since at least the late 2000s, when the HOA obtained a $1.2 million U.S. Department of Agriculture loan to upgrade water infrastructure throughout the subdivision, according to Elk Meadows resident Tim Beene.

Hom...