DVC Due Increase

[mystifyny]

I own at AKL and I just checked and my monthly dues were removed from our bank account. I was aware of the increase however I was not thinking it would be an extra $30 per month for a basic 160 point ownership. I think this is rather excessive. Anyone else notice the large increase?

 

[chalee94]

this is already being discussed here:

http://www.disboards.com/showthread.php?t=2862689

there were some big property tax adjustments in some cases that will impact the first payment of the year (and the first payment only).

for current per point annual dues information, please check the DVC Resource Center:

http://www.disboards.com/showthread.php?t=2823949

so AKV's dues went up less than $6 per month in your case...

 

[luckyman_apd]

Your dues last year should have been $802.29 for 160 points at $5.0143 per points. This year they are $5.4306 per point. So 160 points is $868.90.

That's a difference of $66.61 for the year. So no, you should not be paying $30 more month. My math shows a $5.55 difference a month. I would make a phone call.

 

[luckyman_apd]

this is already being discussed here:

http://www.disboards.com/showthread.php?t=2862689

there were some big property tax adjustments in some cases that will impact the first payment of the year (and the first payment only).

for current per point annual dues information, please check the DVC Resource Center:

http://www.disboards.com/showthread.php?t=2823949

so AKV's dues went up less than $6 per month in your case...

I thought taxes were included in the dues? This is not the case?

 

[rlovew]

I thought taxes were included in the dues? This is not the case?

Estimated taxes are included in the dues and if the estimation is wrong then you have to pay the difference with your January dues statement- I know at BLT is was about a $30 difference added to our 160 points for January.

 

[chalee94]

I thought taxes were included in the dues? This is not the case?

yes, but when disney was charged the actual property tax for 2011 - that was higher than the estimated property tax for 2011. from what i understand (and i could be wrong), that increase is charged immediately.

 

[mystifyny]

I did not realize the first payment would be more. I also did not see that in any of the previous treads mentioned. But that is good to know. I figured it would also increase to about $72 a month not $87 I guess I will have to see what next month holds.

 

[luckyman_apd]

Estimated taxes are included in the dues and if the estimation is wrong then you have to pay the difference with your January dues statement- I know at BLT is was about a $30 difference added to our 160 points for January.

Ok, I get it. How often has this happened?

 

[Deb & Bill]

If they underestimated the taxes for 2011, they charge you the amount that was underestimated on the first payment in January, plus any monthly increase. So the first bill of the year will be different from the rest of the months.

I know in our case, they overestimated the taxes, so we get a very small refund credited to our monthly fees.

 

[LisaS]

Ok, I get it. How often has this happened?

It happens every year since the property taxes change every year. Each year they estimate what the property taxes for that year might be and include that estimated figure in the annual dues so they can begin collecting the money they will owe. When Disney gets the actual property tax bill, it will be higher or lower than what they estimated (they might get lucky once in a while and estimate it right down to the penny but that would be unlikely).

If their estimate was low, you make up the entire difference between estimated and actual taxes in the January dues payment. If their estimate was too high, the overpayment of taxes lowers your overall dues for the next year. In other words rather than refund the overpayment, it results in slightly lower dues each month.

If you are able to deduct your DVC property taxes on your income tax return, be sure to use the actual taxes paid, not the estimated. You can find the figures you need in your dues bill.

 

[luckyman_apd]

Ok, thanks. Currently waiting on ROFR on our resale purchase. Good to know if it gets included in closing. I'm assuming it won't since it is part of last year's dues, and we are paying 2012 dues. So next January I could get an increase or decrease depending what the taxes actually are. Thanks guy, good to know ahead of time unlike the OP (sorry).

 

[erionm]

I did not realize the first payment would be more. I also did not see that in any of the previous treads mentioned. But that is good to know. I figured it would also increase to about $72 a month not $87 I guess I will have to see what next month holds.

Your annual dues statement will show a breakout of the monthly payment amounts.

 

[dcfromva]

I did not realize the first payment would be more. I also did not see that in any of the previous treads mentioned. But that is good to know. I figured it would also increase to about $72 a month not $87 I guess I will have to see what next month holds.

As erionm pointed out, these details are in the annual dues statement that was mailed out (I think I received mine in Dec), but if you don't have the statement handy you can look at it online:
Go to
My Membership, then click on
Annual Dues, then click on
View and Print Statement,
Here you can find Monthly Direct Debit amounts
and more details on the taxes.

 

[bumbershoot]

I did not realize the first payment would be more. I also did not see that in any of the previous treads mentioned. But that is good to know. I figured it would also increase to about $72 a month not $87 I guess I will have to see what next month holds.

You don't have to wait, just look at your statement online. It's all right there!

Ok, I get it. How often has this happened?

FWIW, going from '10 into '11, we actually had a *credit* because they had OVERestimated the taxes for Bay Lake. This year they underestimated. So it FEELS like a much bigger increase than it is, because our dues were lowered by the credit last year.