How are Homeowners’ Association Fees Determined? (TN)

One of the important things to remember about the determination of Homeowner Association (HOA) fees is that no two associations are alike. Which means their regular assessments will be different, since they are based on the specific needs, obligations, and objectives of the homeowners’ association. Don’t fall into the trap of comparing your assessment with another association’s assessment, because another HOA will have vastly different factors driving its budget. Assessments are not set (or at least, they shouldn’t be), in relation to what some other HOA assessments are. Assessments should instead be determined in relation to the association’s annual budget for common expenses. Your association assessments are a product of the association’s annual budget apportioned according to your governing documents.    Read the article……………

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