How are monthly assessments calculated that each owner has pay?
The budget preparer will work closely with the developer, engineer, attorney and the Department of Real Estate to breakdown the cost of each component that has to be maintained in the common area of a project. There is a cost assessed to each item such as landscaping, electricity, painting, insurance etc…A monthly amount is determined and then divided by the number of lots or units in the project. Some projects have different amounts assessed to each unit based on the size of the unit. This is known as a “Variable Assessment”.
