Rockery Wall Repair Funding

Submitted by Charnelle Wright, Association Member

It concerns me that the BOD elected to raise monthly dues rather than impose a Special Assessment. A Special Assessment might have been structured to at least provide a Tax Write-Off. Or at least allow Homeowners to get something back if they could put this on a credit card for some points.  Just like a Tax Increase, higher dues have a negative impact on property values as they will most likely never be reduced.

Thank you.

Charnelle Wright

4 thoughts on “Rockery Wall Repair Funding

  1. We will pay dearly for this. A loan with interest and future payments to restore the reserve. I told everyone last year to NOT take the monthly dues reduction for the 2017 budget and put the funds in the reserve. Now we will pay for that oversight. Ryan is not at fault as it was others who did not see the big picture.

    1. The General Common Dues for 2018 will be $92/month. For 2017 the General Common dues were $69/month. However, this included a one year minus $11/month abatement. So depending on how you want to look at it, the General Common dues increase is $12/month or $23/month. Note that the General Common fund, paid into by all Somersett owners, is where the Hillside and Rockery Wall repair costs will come from. The 2018 TCTC monthly dues, which do not apply to Sierra Canyon, will stay the same as 2017 at $89/month. The Gates dues, only applicable to those living behind the private gates, will be $54/month, down from $64/month in 2017.

  2. Somerset United

    You forgot to mention that the reserve will be decreased to 34% and we will have a $1.5M loan on top of that. That is why the dues are artificially low for 2018, no loan, no reserve decrease = higher dues.

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