In Massachusetts, it is by percetage interest as set forth in the master deed which is caluclated based on approximate relative value. Other states prmit equal assessments or assessments based on square footage.
For condo's: Take the total budgeted income amount (for assessments) for the year and divide by 12 (if you are on a 12-month calendar year, divide by 4 if quarterly) - then divide by the % of ownership for each individual unit to get that owners assessment amount. Be sure the % of ownership equals 100% to ensure you have the correct #'s.
For fee simple HOA's divide the total budgeted amount by 12 (12-month calendar year; 4 if quarterly), then divide by the number of units, each unit would pay the same amount.
The % of ownership isn't always necessarily based on square footage. Frankly, the developer can split the share, or %'s up however they chose to. They typically will take square footage, what floor you are on, the view offered, etc...all of these things can justify whether or not a condo unit may get a higher % share or not.
In fee simple hoa the assessment per unit is based on the yearly budget amount for assessments, divided by the number of units, regardless of square footage.
Check your Master Deed and also check to see what the common formula is in your state. There are formulas that use sale price, that use square footage, that use a combination or as stated, are fee simple/equal.
If you want to know if it is "fair" based on what it is, look at the budget and compare to previous years actuals. You should look to see what is done and what isn't done and what the association is responsible for.
On your Association Docs. (Master Deed, Declartion, CC&R) it should stay the percentage that every individual owes in the common elements, and use the formula used posted by Brian to obtain the monthly payments
my association had budgeted expenses and divided that amount by the # of units.
check you bylaws (or not, you are privvy to this information, because your vested, anyway) and ask them to provide either a contract for the services budgeted or receipts and then go to the companies they claim are performing these services and ask them for the same. then make a list of the budgeted stuff that isn't performed.
then take'em ta court'n EAT THEIR LUNCH... like i did. i'm single-handedly investigating every nuance of those bylaws and the association will NOT be in existence within 6 months, count on it.
condo associations have to be, by and large, the most accepted and unquestioned rip-off schemes i've ever witnessed.
they should be abolished.
unit owners should stand collectively in the "I'M MAD AND I'M NOT GONNA TAKE IT ANYMORE" arena and buck up and TAKE THE ASSOCIATION TO TASK !!!!
it'll be a short walk, not always, and i've motivated investigation of 28 other association, merely by knocking on doors or making a phone call and not ONE of them is on the up'n up !
don't put the most important investment of your life in the hands of a buncha crooks and swindlers. check out the finances of the assn. before you go into business with them, cuz they have controlling interest.
for the life of me, i don't know why my Dad made this move, other than he had a major stroke and made a lot of bad decisions. he has since recovered, mostly, and if surprised that he allowed this organized criminal behavior into his life.
only a fool would get involved with a condo association.
what is the payoff?
why do you want to pay a bunch'ah well-dressed hoodlums money for things you can do yourself?
why the hell complicate your life with people you don't know that have their hand in your pocket to line their own?
think about it, folks !!!!
i call "SHENANIGANS!!!!
We were lied to upon buying our condo, otherwise we would not have bought. The office manager did not disclose problems even when we asked pointed questions. Anyway, we have also learned that MROP Time Share Company owns 23 units and always sides with the Board and the other owners votes do not count. Some owners have already been forced into bankruptcy and the apparently crooked Board is talking about again raising our mo. fees. It will make a 3 bedroon cost around $700.00+ pr .mo.
Can anyone out there give us some advice or help?
I just purchased a condo in Ocean City Maryland, and out of 9 units my condo is the smallest the other units are twice our size, but my condo fees are the same how is this possible and do I have any recourse in this matter. thank you
my is 795 a month
is just 480 square foot
is this a rip off?
300 johnson ferry rd sandy springs ga