Key Points About the Proposed 2021-2023 Property Owner Annual Dues
If you’d like more detail about a specific bullet point, please click a link to a short video.
- Three-year Property Owners Annual Dues Proposal amounts are $2,070, $2,170, and $2,270, for an annual average of $2,170.
- Amounts are below the average national annual HOA dues of $2,400 - $3,600/year (Realtor.com).
- Achieves the 30% minimum in the Association’s Capital Reserve Fund to be considered “adequate” by industry standards. (Restricted Capital Reserves Fund Overview)
- Absent the increase, by 2025 there will not be enough funding to repair and replace our schedule of $80M in capital assets, based on the replacement expenditures for the next 5 years. (Restricted Capital Reserves Fund Overview)
- With flat dues of $1,850 since 2018, programs and service cuts and reductions with the least impact on the community were made, and some capital repair and replacement projects were deferred. (How Did TLA Adapt to Flat Annual Dues for Three Years?)
- Without an increase, more impactful operational and capital reserve cuts will be required and will negatively impact community property values. (What if the Next Vote Doesn’t Pass?)
- The proposal does not achieve the minimum “adequate” Reserves funding target of 30% until 2023 in order to reduce the burden on owners by phasing in the full target over the three years. (Restricted Capital Reserves Fund Overview)
- The Landings is different than most HOA’s - Owners get to vote whether to increase the dues. In most communities, the Board has that authority up to a certain level.
For more information, please visit a special webpage (landings.org/annual-dues). In addition, we have created a 25-minute video, posted to the Association’s YouTube site (youtube.com/user/LandingsAssociation) that discusses the proposal in more detail. Click here to view the video. To view a visual presentation of the 2021-2023 Property Owner Dues Assessment Proposal, click here.
This article was originally published by The Landings Association on their website. Visit landings.org to read the original article. https://landings.org/news/2020/06/26/key-points-about-proposed-2021-2023-property-owner-annual-dues