For most HOA owners, the regular assessment is the most familiar part of association life. It is also one of the most important. Assessments are how the community pays for the services and upkeep that everyone shares. Here is a simple guide to what your assessments cover, how to pay them and what to do if you ever fall behind.
What your assessments pay for
Each year the board adopts a budget, and that budget sets the regular assessment owners pay. Depending on your community, assessments may help cover common-area landscaping and snow removal, the association's insurance, utilities for shared areas, trash service, amenities, management and professional accounting, and contributions to reserves for future repairs and replacements such as roofs, paving and fencing. When every owner pays on time, the association can keep up with its bills and plan ahead.
Know your amount and due date
Your assessment amount and how often it is due (monthly, quarterly or annually) are set by your association. Your statement shows the current amount, and your governing documents and collection policy explain the due date, any grace period and when late fees may apply. If your amount changes with a new budget, the association will let owners know.
Ways to pay
Accord owners have two easy options:
- Pay online. Click the Make HOA Payment button at accordhoa.com to pay through our secure online payment provider. Many owners set up recurring payments so their assessment is paid automatically each period.
- Pay by mail. Mail a check to P.O. Box 98445, Phoenix, AZ 85038-0445. Include your Account ID so the payment is applied to the right account, and allow time for mail delivery before the due date.
Set it and forget it
Recurring online payments are one of the simplest ways to avoid a missed payment, especially during a busy season, a move or travel. If you set one up, remember to review it when your assessment amount changes with a new budget.
Falling behind? Reach out early
Life happens. If you know you will have trouble paying, contact your community manager as soon as possible. Colorado law requires associations to have a written collection policy, and in many situations it requires that eligible owners be offered a payment plan before certain collection steps are taken. Your manager can explain your community's policy, your current balance and the options available to you. Reaching out early almost always gives you more choices and helps avoid added late fees and costs.
Keep your information current
Moved, changed your mailing address or switched banks? Let your management company know and update any recurring payment, so statements and notices reach you and payments keep posting correctly.
Have a question? Just ask
Questions about your balance, a charge or how to pay? Contact your community manager, email info@accordhoa.com or call our office at 720-230-7303.
This article is general information only, not legal advice. Your community's governing documents and applicable Colorado law control; consult your association's attorney about specific situations.