What are assessments?
The assessment, sometimes called “dues” is the monthly maintenance fee each member pays to cover the cost of maintaining the common areas, which might include the landscape, pools, roofs, painting, various administrative costs, utility costs and reserve funding. When you purchase a home in an Association, thereby agreeing to become a Member, you also agree to pay this assessment for as long as you are a Member. You should have received a copy of the budget for your Association while your unit was in escrow. If not, contact your management company to find out how you can obtain a copy. This will outline in detail where your monthly dues is spent or allocated. Occasionally your dues amount may change, depending on the decisions of your board of directors and Management Company.
