Budget Time: How much should you charge for assessments?

October officially marks budget season for many community associations across the country. And with budgets comes increases in regular assessments. That means not only is this a bad time for community managers and board members, it’s also challenging to your homeowners, and can lead to major blowups over increases.  One thing we have seen time and again is communities that fail to plan their budget properly. Some communities increase assessments based on an arbitrary value like cost of living, or a percentage dictated in the community documents. Still more communities choose not to raise assessments at all – not because they don’t need to, but because the board doesn’t want to make an unpopular decision.     Read the article…………


Related Articles

What should you consider before moving into a Community Association

You’ve decided you want to simplify your life and move into a condo on the beach but you’ve never lived

Managing the condo manager

Many condominium associations have management companies; many are simply too small to have one; and many near yearly consider whether

How much lead is in your water?

With the recent exposure of elevated lead levels in the Flint, Michigan public water systems, many are wondering how much lead is in their water.