Question

Kathy Bates has just moved into a condominium complex of 60 units. The complex has a swimming pool, and a management company takes care of the upkeep of the outside of the property. The monthly cost for pool maintenance, grass cutting, tree trimming, private street maintenance, and the newly-updated clubhouse is currently $400.00 a month. Each year, the cost of such services increases, as do the costs for necessary repairs as the buildings get older. This year, new roofs are in order for all of the buildings. The condominium association, which is made up of the owners of the property, decides that, in order to cover the increase in costs, and to replace the roofs on the property, they must pass a(n):
Ad valorem tax.

Special assessment.

General real estate tax.

Any of the above

Answer 1

Answer:

24000

Explanation:

60 x 400.00  

Answer 2

The correct answer is special assessment

Explanation: In order to be able to solve your problem the best alternative for her would be special assessment.

Special Asssessment charged is instituted to cover the cost of public works resulting from real estate appreciation.