Did You Know? January 1 Assessments

Did You Know? January 1 Assessments

Did you know your assessments are due on time even if you haven’t received notification of the new assessment amount?

When you bought your home you received the association CC&R’s and it should have included a section on assessments. It probably states that assessments are due annually, monthly, quarterly or semi-annually on the same calendar cycle every year.

If you pay your assessment every January, and due to a processing delay the coupon book isn’t mailed until January 26, you still need to send a payment. Obviously in this scenario you won’t know exactly what to send so the recommendation is to repeat the prior year payment.

Most associations will be communicating budget and possible assessment amounts about 3 months prior to any change. You can call the management company or check on the HOA website to see if there’s a dollar amount that was discussed or approved for the new year.

If you do make a good faith payment and then 3 weeks later receive the new coupon showing a $15 increase, it’s important to send that $15 as soon as possible.

In the event you choose to wait until you have a document in hand or delay paying any differences, you could be charged a late fee or an interest charge.

It’s a simple way to make sure the all common elements are properly funded in the new budget year.

It's About More Than Assessments (Part 1)
The Season for Security