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…………
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