HOA Loan and Insurance Quotes

I understand that there is a 1% origination fee, payable at loan closing. Submitting this form puts me under no obligation. *

Subscribe to Blog

Your email:

Follow Us

Looking for answers?

condo association blogCan't find the answer you're looking for?  Ask your question here and we'll post it in our blog.

Browse by Topic

Condo Association Management Blog

Current Articles | RSS Feed RSS Feed

How are condo association or HOA assessments calculated?

Posted on Sat, Aug 14, 2010 @ 06:39 AM

How are assessment fees figured? I live in a building and have found that units larger than mine pay less than I do. Is it based on cost of living or something and dependent on when you buy?



That should be defined in your bylaws. I live in a 32-unit association. The square footage in the condos varies from 980 square feet to 1020. However, we are all equally assessed for 1/32 no matter when we bought. Property taxes vary though according to size.

posted @ Saturday, August 14, 2010 6:58 AM by nellie

I live in a private home/beach cottage, we have HOA, the assessment to all 200 home was done by the Berekeley township, nj & they raised our taxes between 55 to 110% is the legal. 

posted @ Saturday, August 14, 2010 7:29 AM by ken mantione

Raising your taxes is a township issue. You can call the tax collector in your town and ask him to reassess your property.

posted @ Saturday, August 14, 2010 8:09 AM by Victor

The governing documents of your Association will outline the procedure for calculating and assessing members. Governing documents include; Articles of Incorporation, By-laws, Declaration, other covenants that an Association may have, and any applicable State Statutes. It is common in a Condominium Association for the assessment to be calculated based on the percentage of ownership for each unit. The percentage is often based on each individual units' square footage. The schedule of percentages of allocation are normally an exhibit attached to the Declaration. Other types of homeowner associations such as single family homes and townhomes will often simply divide the determined total annual assessment by the number of units in the Association to arrive at the total annual assessment per unit. Many Associations allow members to pay the annual assessment in monthly installments.

posted @ Sunday, August 15, 2010 3:53 PM by Sara Lassila, CPA

monthly fees and special assessments are almost always proportionate to your unit's percent-share of the property, which is designated in your project's Declaration (in a table of concordance or some-such). 
If your monthly fees are higher than someone with a larger unit, then most likely your management company has at some point screwed up the calculation of your fees, or input the wrong percentage into their management software, or some other human error.  
I have witnessed these types of errors dozens of times. 
Consult with your management company and make sure you are paying the correct fees. If you have been overcharged, your corporation is obliged to credit your account in the amount of the overpayment, retroactively. 
Good luck 

posted @ Monday, August 16, 2010 12:08 AM by DRM

I also live in a building where some larger units pay lower condo fees than smaller units, or even same-size, same floor units differ by as much as $100/month. We looked up the laws in Massachusetts and it turns out the percentage interests in the building are supposed to based on assessed value at the time the Master Deed is written; however, in our case that did not happen, and we are pursuing legal action to correct this. I recently lost a sale of my unit because the buyer realized that an identical unit was on the market with a condo fee that is $130/month LOWER than mine. It is illegal and you should pursue this. You don't live in Lowell, MA by any chance, do you??

posted @ Tuesday, August 24, 2010 2:14 PM by Danielle Day

We have the same situation here in Roslindale, MA. Our townhouse block pays $407.00 a month, whereas the other couple of blocks pay $100 to $150 less for the same exact types of units. Our block was built in third phase and the bylaws states that the condo fee rate can be adjusted only when 100% of the residents support the amendment. Understandably, those residents with a lower fee reject any change. So, we are basically subsidizing them and I would like to know if there is any legal avenue to correct this disparity.

posted @ Friday, October 29, 2010 10:43 AM by Wuroye

You realize that purchasing items online are way cheaper when compared to products being offered with your normal shops. But hey there you are able to get rates at the extremely low price than what you will be wanting. Get secondhand fashion louis vuitton replica accessories for females or apparel, it is not going to generally imply that its secondhand that it ought to be totally misused, there are certainly things distributed on the web that happen to be just employed once in addition to some are usually not even employed http://www.hmcm.co.uk/pic.html people offer them on-line so that you can take away the clutter using their cupboards. entirely abused, you will discover items marketed on-line which can be just employed when in addition to some usually are not even utilized folks rolex replica promote them on the internet merely to get rid of the clutter off their units,. Which is purchase second hand fashion accessories for females or clothes, it does not mean that its second hand that it. This is a great start looking for items that are almost hermes replica totally new but you are fifty percent the retail price.  

posted @ Wednesday, September 10, 2014 12:56 AM by vv

Post Comment
Website (optional)

Allowed tags: <a> link, <b> bold, <i> italics