The September 13 edition of “What’s Up in the Village” first announced a new VMS benchmarking report (“Measuring and Comparing VMS Success”), which aims to guide the community’s managing agent in improving performance, practices and strategic planning, and help members understand how VMS costs stack up against for-profit companies, government entities and age-restricted sister communities.
This comprehensive report contains a great deal of information and analysis that deserves attention and repeated reviews. To help members with those reviews, in this and subsequent editions of “What’s Up,” similar news articles will break the report into smaller, easy-to-digest topics that make a big impact.
Comparing Monthly Assessments
Assessments are always at the tops of members’ minds—and rightfully so. However, benchmarking data finds in favor of the Village.
Third and United mutuals together are by far the largest representation, with 12,425 homes, compared to the next-largest community with half the number of homes and a total basic assessment that is more than twice that of United’s and almost twice that of Third’s.
Below is an analysis of assessments that just may surprise you. For example, did you know that:
- Over 10 years, when the consumer price index (CPI) increased by an average 3.1% annually, United’s average assessment increase was only 2.9% per year?
- For nine of those same years, Third’s average assessment increase was below the rate of inflation? The exception was in 2022, when it increased by almost 16% due to an unexpected extraordinary increase in the total assessed value of the mutual’s properties and the resultant huge increase in property insurance costs.
- For those same 10 years, GRF’s total assessment increase was only 2% compared to the CPI’s increase of 35% due to new residents paying a trust facilities fee upon the purchase of a manor, similar to an initiation fee at a country club?
- 51% of United’s assessment goes to building reserves (28%), Maintenance & Construction (13%) and Landscaping (11%)?
- 51% of Third’s assessment goes to building reserves (22%), Insurance (18%) and Landscaping (11%)?
Click here to view and/or download the complete document, “VMS Benchmarking Report – September 2024.”
Find further details specifically about assessments on pages 8 through 15 of the report.
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