Finance Q&A: Q: How are dues calculated? A: Dues are based on the average assessed value of all improved properties in a village (improved meaning built homes, not empty lots). The assessed values are obtained from MD Land Records to determine the average assessed values. The expense side of the budget is prepared, then a rate (cents per $100 of assessed value) will be determined that will generate enough income from the average assessed values to operate the association for the year. That rate is applied to the average assessed values to determine the dues for each village. The Board of Directors approved the an assessment rate of 39.5 cents per $100 of average assessed value at their monthly meeting on Monday, December 8, 2014. Overall dues increased an average of 11% for the FY 2016 Budget. This increase was necessary in order to provide additional funding for our reserves. Reserve funding is necessary in order to properly provide for future maintenance of infrastructure and community assets, (roads, dams, esplanade, etc.). The Vacant Lot Annual Assessment Rate was set at $300.
Posted on: Tue, 06 Jan 2015 15:10:25 +0000
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