How is the condo association assessment calculated?
Condo Association assessments are based on the annual estimated expenses for the condo association or HOA property. The condo assessments are calculated by using what is known as the Percentage of Ownership of Common Elements. The Percentage of Ownership of Common Elements is based on the value of the individual units in relation to the value of the property as a whole, and the monthly assessment is proportioned in the same ratio as Percentage of Ownership of the Common Elements. Condo Association Assessments are always subject to increase or decrease based on changes in condo association or HOA budgeted expenses.
What is a condo association special assessment?