Stepping Stone Condominium Homeowner Assessment Fees
When the SSCA Board began looking into raising fees in order to meet maintenance costs, bills, and reserve requirements, we found we were regulated by the Bylaws on how we can increase fees. Bylaws require a formula based on square footage, with the smallest unit being a divisor of 1.00, when raising fees or making assessments.
We determined we needed to raise the total income $40,000 per year. In order to determine fees for each unit, we had to determine a divisor for income increase. That formula is below. The rounded off divisor is 232.
We determined we needed to raise the total income $40,000 per year. In order to determine fees for each unit, we had to determine a divisor for income increase. That formula is below. The rounded off divisor is 232.
Using the divisor we could then determine amount to raise the fee of each sized unit.
