Update added 23 November 2015: Our Community Manager has corrected the problem. Here is the response I received from her this morning: "Thanks for catching that on the letter, we had actually found the mistake and thought we had corrected the copy. CMC will get the owners of 414 and 420 the corrected amount."
Update added 20 November 2015:
I was surprised and disappointed by the obvious mistake contained in the official letter I received this afternoon setting forth the "Approved 2016 Monthly Assessment[s]." For the two units (414 and 420) in our Condominium that have a par value of 0.38%, the letter incorrectly showed the 2016 monthly assessment to be $499.43. (The amount shown below ($473.26) is the correct monthly amount for 2016, but NOT for 2015, as the letter mistakenly shows.)
The official letter to which I am referring is dated November 17, 2015, and was sent by Associa Community Management Corporation on behalf of our Board of Directors.
I will send an email to our Community Manager tonight informing her of the problem.
Here are the Market Street at Town Center Condominium monthly assessments I calculate for 2016.
Par Value (%) of Unit Monthly Assessment ($)
0.21 261.54
0.26 323.81
0.32 398.54
0.34 423.45
0.38 473.26
0.40 498.17
0.47 585.35
0.49 610.26
0.54 672.53
Each assessment amount shown above doesn't include
the $13-per-month assessment for each parking space assigned to your unit.
Computation of the above amounts begins with the
$1,474,492.08 "Residential Assessments" shown in the "Market
Street at Town Center 2016 Budget - Final." I multiplied that number by a par value
percentage from the left column above, then divided by 98.66, and then divided
by 12 to get the monthly assessment.
The 98.66 is the total of the par value percentages
for our 333 residential units, and is applicable because the $1,474,492.08
doesn't include "Commercial Assessments." (Our one commercial unit (GRACE) has a par
value of 1.34%, resulting in the sum of the par values for all of the 334 units
in our Condominium equaling 100%.)
While we all have access to the budget that shows the
$1,474,492.08 "Residential Assessments," I haven't seen the official
Unit Owners Association monthly assessment amounts, so they could vary from the
amounts I provided above by a penny or so in either direction, depending on
what rounding convention may have been used.
If you have any questions regarding this or any of
my posts, feel free to email me at rasmussen305@gmail.com. Or/and, better yet, register for my forum at http://mstcuoa.proboards.com/ and comment there.
