The county assessor has again reduced the 2011 assessed value for most of the properties associated with Gardens South due to the impact of the landslide on values. The actual property tax bill for most owners is $100’s less than a few years ago. Just within the last year, there has been a reduction of more than $26,000 in total taxes charged to Gardens South owners.
The HOA Board will need to raise the monies to fund the association’s share of the landslide abatement costs as well as the future repair costs to Buildings L and M. It has been suggested that by paying what we’ve been accustomed to paying before values dropped, some to the county and the balance to the HOA, it should greatly ease any financial hardships on property owners. If owners would pay to the HOA the difference of what they used to pay when values were higher, the association would have less need to raise dues or make burdensome special assessments. It may be years before values rebound, but unless funds are raised and the slide halted, more properties will be affected and the damages and costs will escalate. Condo owners should plan to budget for more special assessments so that the HOA can meet its obligations and so that property values can once again stabilize. It's in everyone's best interest to fix the problems so that public and lender confidence can be restored and property values increase.