pacodemountainside
TUG Member
If one looks at Annual Club Wyndham Plus Assessment Summary it is broken down into three components:
Operations
Reserves
Property Taxes
One can deduct property taxes paid on your behalf by Wyndham. The catch is the number they show is 2012 budget and you can only deduct what they actually paid in 2011 which you have to call resort to get. Like your mortgage payment, you do not deduct the escrow amount for taxes, the lender tells you what they actually paid.
In my case around $250 times 25% Federal and 5% state is $75 which will cover a nice dinner and bottle of wine with GF to celebrate gittin taxes done and filed on time!
You might also want to look at how much is going into reserve. Ball park should be about a buck or 20%. If a couple cents then you might want to call resort accounting and ask for a copy of replacement reserve analysis(what is it going to cost to replace worn out items like furnishings, roofs, parking lots, AC, boilers, computers, etc over next say 10 years).
If it shows a required balance of a million at 12/31/2011 and there is a million in an investment account then good to go. If a couple thousand a special assessment is guaranteed.
Basically all special assessments are is when inadequate reserves are de riguer(calculated by Developer) and inadequate insurance maintained. While Katrinas, floods, earth quakes, etc. cannot be precisely predicted they will happen. By having insurance with high deductibles and a reserve to self insure small losses things work fine.
Flood at Nashville comes to mind as I own there.
No special assessment
HOA fee is $5.10 /1,000 vs CWA $4.89, not a big difference!
Obviously if owners/Board decide to add expensive ammenity N/A!
Operations
Reserves
Property Taxes
One can deduct property taxes paid on your behalf by Wyndham. The catch is the number they show is 2012 budget and you can only deduct what they actually paid in 2011 which you have to call resort to get. Like your mortgage payment, you do not deduct the escrow amount for taxes, the lender tells you what they actually paid.
In my case around $250 times 25% Federal and 5% state is $75 which will cover a nice dinner and bottle of wine with GF to celebrate gittin taxes done and filed on time!
You might also want to look at how much is going into reserve. Ball park should be about a buck or 20%. If a couple cents then you might want to call resort accounting and ask for a copy of replacement reserve analysis(what is it going to cost to replace worn out items like furnishings, roofs, parking lots, AC, boilers, computers, etc over next say 10 years).
If it shows a required balance of a million at 12/31/2011 and there is a million in an investment account then good to go. If a couple thousand a special assessment is guaranteed.
Basically all special assessments are is when inadequate reserves are de riguer(calculated by Developer) and inadequate insurance maintained. While Katrinas, floods, earth quakes, etc. cannot be precisely predicted they will happen. By having insurance with high deductibles and a reserve to self insure small losses things work fine.
Flood at Nashville comes to mind as I own there.
No special assessment
HOA fee is $5.10 /1,000 vs CWA $4.89, not a big difference!
Obviously if owners/Board decide to add expensive ammenity N/A!
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