Obtaining 2020 Maintenance Fees (MFs) from the Resort's 2020 Budget Report

[GT75]

If we are missing reported MFs for various other unit sizes from resorts which you own, then please obtain the MFs from your 2020 billing statement or budget report.

I was able to obtain the 2020 Billing Statement/Budget Reports for my owned HGV resorts online. The resort's billing statement can be obtained by:

• Log into your HGV account
• Select OWNERSHIP tab at the top of HGV web site
• Select VIEW YOUR HOA INFORMATION button on the right for each resort which you own.
• Select OWNERS COMMUNICATIONS for 2019 year
• You should be able to download the 2020 Billing Notice
• You should find the MFs for each unit type toward the end of statement.

Note: The MFs stated in this billing statement, might be missing some real estate taxes. For example, the RE taxes are different for each season of the TS. Also, the Hawaii General Excise (GE) tases are not included in this statement for Hawaii resorts. Just make a note of that.

If you can not figure out the MFs from this billing statement, please feel free to PM me.
Thanks

 

[brp]

On the subject of the 2020 MFs, they indicate (on the website and in an email I just received) that they are due no later than January 1, 2020. However, they are not considered late until (in some/many/all) cases 45 days later, i.e. February 15, 2020. Is there really any compelling reason to pay by January 1?

I know there's the "just get it out of the way" argument but beyond that, any downside to waiting?

Cheers.

 

[CanuckTravlr]

On the subject of the 2020 MFs, they indicate (on the website and in an email I just received) that they are due no later than January 1, 2020. However, they are not considered late until (in some/many/all) cases 45 days later, i.e. February 15, 2020. Is there really any compelling reason to pay by January 1?

I know there's the "just get it out of the way" argument but beyond that, any downside to waiting?

Cheers.

I would caution everyone not to rely on the above, but to check their individual billing statement. If something similar to the above is stated in the original timeshare purchase declaration, it will legally override anything on the actual billing statement. It may also vary and depend upon any regulations in the actual jurisdiction in which the property is located.

However, as an example, on my billing statement from Ocean 22 it states that "failure to pay the total amount due within 10 days of the date due will result in the imposition of a late charge of $50.00 per ownership interest [and] the imposition of a finance charge...applied to the past due balance...at a rate of 1.5% per month...an annual percentage rate of 18.00%."

So if you choose not to pay by the due date, just be sure you know under what rules you are operating!!

 

[PigsDad]

Mine give me a 45 day grace period, and the closing date on my Hilton Surpass Amex is around the 7th of the month. I have waited to pay until around Feb 10th, so it goes on my March Amex bill which I don't have to pay until about April 1st! Three extra months with my money isn't a bad thing...

Kurt

 

[CanuckTravlr]

Mine give me a 45 day grace period, and the closing date on my Hilton Surpass Amex is around the 7th of the month. I have waited to pay until around Feb 10th, so it goes on my March Amex bill which I don't have to pay until about April 1st! Three extra months with my money isn't a bad thing...

Kurt

Nothing wrong with working the system and glad that you have the 45 days. My VISA cuts off around the 27th of December, so I normally charge my fees to it around the 30th of December. It doesn't show until my late January bill and I don't have to pay that until around the 18th of February, to avoid any interest.

My point was not to rely on the 45-day grace period, because it may not apply to everyone. Just the $50 late payment fee, let alone any interest charges, would wipe out any time-value-of-money savings from delaying the payment another two weeks in my case!!

 

[brp]

My point was not to rely on the 45-day grace period, because it may not apply to everyone. /QUOTE]

Agreed, and that's why I put the "(some/many/all)" as such since I only know about mine. For the 3 properties we own it's 45 days but, as you say, this may not (and apparently does not) apply to all.

Cheers.

 

[CalGalTraveler]

Has anyone received the paper statements? I cannot find the late fee info online and usually refer to the paper copy but haven't received it yet.

 

[brp]

Has anyone received the paper statements? I cannot find the late fee info online and usually refer to the paper copy but haven't received it yet.

I see the pdf of the paper version in my account in the Ownership section.

Cheers.

 

[CalGalTraveler]

I found it. Both of our TS say 45 days.

 

[Tamaradarann]

Nothing wrong with working the system and glad that you have the 45 days. My VISA cuts off around the 27th of December, so I normally charge my fees to it around the 30th of December. It doesn't show until my late January bill and I don't have to pay that until around the 18th of February, to avoid any interest.

My point was not to rely on the 45-day grace period, because it may not apply to everyone. Just the $50 late payment fee, let alone any interest charges, would wipe out any time-value-of-money savings from delaying the payment another two weeks in my case!!

When I itemized my taxes I would pay one year right after January 1 and the next year before December 31 so that I could combine the real estate tax deduction. For 7 timeshares the combined deduction was over $1000 so in my income bracket I would get back an additional $250 or so every other year.

 

[PigsDad]

When I itemized my taxes I would pay one year right after January 1 and the next year before December 31 so that I could combine the real estate tax deduction. For 7 timeshares the combined deduction was over $1000 so in my income bracket I would get back an additional $250 or so every other year.

I used to do that as well, but now with the lower SALT limits on deductions, it doesn't make a difference for me.

Kurt

 

[CanuckTravlr]

When I itemized my taxes I would pay one year right after January 1 and the next year before December 31 so that I could combine the real estate tax deduction. For 7 timeshares the combined deduction was over $1000 so in my income bracket I would get back an additional $250 or so every other year.

Unfortunately, as a Canadian, we don't get to take any deductions, since this is personal-use property. Just like we don't get to deduct mortgage interest on our principal residence. Plus we get to use lower-valued Canadian dollars to pay the USD bill.

 

[Fredflintstone]

Unfortunately, as a Canadian, we don't get to take any deductions, since this is personal-use property.

And you have an exchange rate to contend with too.


Sent from my iPad using Tapatalk

 

[CanuckTravlr]

And you have an exchange rate to contend with too.

Yup!! And I added that as an edit at about the same time you were posting your comment!!!

 

[Talent312]

I have 3 different grace periods: 30, 45 & 60 days.
I charge 'em to a CC on Jan. 1st, Feb. 1st & Feb. 23 (bill closes 2/22).
That way they show on bills for January, February & March, respectively.

About Feb.22, I get a very stern reminder from HGVC... Yeah, yeah.

.

 

[hurnik]

On the subject of the 2020 MFs, they indicate (on the website and in an email I just received) that they are due no later than January 1, 2020. However, they are not considered late until (in some/many/all) cases 45 days later, i.e. February 15, 2020. Is there really any compelling reason to pay by January 1?

I know there's the "just get it out of the way" argument but beyond that, any downside to waiting?

Cheers.

The only scenario I've ever run into (with having/needing to pay on Jan 1):
If you've used all this years points, and come Jan of next year, you need to make a reservation using that year's points and you've not yet paid your MF, then the system won't let you book anything because you've not yet paid the fees.

I've only run into that twice (I was trying to avoid paying until my Amex Aspire statement closed so I could get an extra 25 days out of it), but ended up having to pay at least one of the MF immediately so I could book what I needed.

But if you don't need to do that, then there's not an issue, AFAIK.

 

[brp]

The only scenario I've ever run into (with having/needing to pay on Jan 1):
If you've used all this years points, and come Jan of next year, you need to make a reservation using that year's points and you've not yet paid your MF, then the system won't let you book anything because you've not yet paid the fees.

I've only run into that twice (I was trying to avoid paying until my Amex Aspire statement closed so I could get an extra 25 days out of it), but ended up having to pay at least one of the MF immediately so I could book what I needed.

But if you don't need to do that, then there's not an issue, AFAIK.

Interestingly, it's possible to book things for next year using next year's points during this year even though the fees have not yet been paid. Then, come Jan 1, the system seems to get like "hey, wait a minute, you haven't paid yet, so no more of this."

I do have something I need to book in Feb, but it's 2 days after the 45 day mark, so we will have paid...

Cheers.

 

[Tamaradarann]

I used to do that as well, but now with the lower SALT limits on deductions, it doesn't make a difference for me.

Kurt

Yes, I didn't even think about the SALT but that would also be a limiting factor. The $26,000 married filing joint over 65 standard deduction is the one that puts me over. $26,000 itemized deductions is hard to accrue when you don't pay NY State income tax on your retirement income.

 

[PigsDad]

Yes, I didn't even think about the SALT but that would also be a limiting factor. The $26,000 married filing joint over 65 standard deduction is the one that puts me over. $26,000 itemized deductions is hard to accrue when you don't pay NY State income tax on your retirement income.

Since the latest tax law changes, we are now taking the standard deduction every other year, and then pushing as many deductions as we can on the opposite years (mainly charitable contributions, as we will max out SALT on state and property taxes each year). Oh, the joys of tax planning...

Kurt

 

[Tamaradarann]

Since the latest tax law changes, we are now taking the standard deduction every other year, and then pushing as many deductions as we can on the opposite years (mainly charitable contributions, as we will max out SALT on state and property taxes each year). Oh, the joys of tax planning...

Kurt

Before the latest tax law changes we followed the same pattern. Since the standard deduction was something like $14,000 adding our property taxes for our home as well as the 7 timeshares came to about $16,000 every other year then adding the sales tax calculation and contributions made the itemized deduction worth doing. The $26,000 standard deduction is easier and more profitable. While I come from a big tax state I have favored revising the tax code to eliminate all deductions, even when I itemized my deductions, to reduce the cheating and help the US debt situation. Everyone likes lower taxes, but the US can't borrow more and more forever and clearly itemizing of deductions is not a benefit for lower income people; it is more of a benefit the higher ones income since deductible expenditures are higher.