I also manage my personal escrow with some reserve. But I also adjust that escrow over time and experience, as well as the "escrow" is monies I have set aside and I benefit from having the cash, not someone else. SSR has over reserved by .10 to .13 each year over the last 3 years. (site kept crashing so I couldn't get more data). Additionally, Disney successfully challenged its tax rates this year. To continue to over reserve where they are the ones who benefit from this is questionable at best. While it is "small" dollars, they still have an obligation to the owners. SSR has 15,000,000 points. Over reserving by .1 means they have $1,500,000 of our money every year. I realize it is not huge for their standards, nor is the $10 to $50 (over reserve on 100-500 points) on our part. It really comes down to underlying concern of does DVD serve the interests of the owners or the stockholders.Personally, I’d rather see them do it this way as i handle my own home property taxes this way.
The site seems to be up and running again and I was just able to view all 4 of my contracts in both UYs.
now its not working again :-(The site seems to be up and running again and I was just able to view all 4 of my contracts in both UYs.
I also manage my personal escrow with some reserve. But I also adjust that escrow over time and experience, as well as the "escrow" is monies I have set aside and I benefit from having the cash, not someone else. SSR has over reserved by .10 to .13 each year over the last 3 years. (site kept crashing so I couldn't get more data). Additionally, Disney successfully challenged its tax rates this year. To continue to over reserve where they are the ones who benefit from this is questionable at best. While it is "small" dollars, they still have an obligation to the owners. SSR has 15,000,000 points. Over reserving by .1 means they have $1,500,000 of our money every year. I realize it is not huge for their standards, nor is the $10 to $50 (over reserve on 100-500 points) on our part. It really comes down to underlying concern of does DVD serve the interests of the owners or the stockholders.
The only lawsuit they won was specifically concerning the assessment of the Yacht and Beach Club Resort, not any of the other resorts and not including the BCV. As @Sandisw said, that ruling was appealed, and I think that and the other lawsuits are still being litigated. So the taxes are what they are and have to be paid! And I’d rather get a credit for taxes overpaid than an additional assessment for taxes underpaid, which has happened in the past. We can hope that someday all the lawsuits will be decided in Disney’s favor, but so far they haven’t been. Here’s an article from DVCnews.com that summarizes - I’m sure I’ve read others but don’t know where now. https://dvcnews.com/dvc-program/financial/news-34867/4840-orange-county-appraiser-loses-primaryThe only disconcerting thing is why does the reserve on taxes keep going up? We "over-reserved" this year and the county lost the lawsuit. They should lower the reserve.
I hadn't thought the condo association might get the interest. If they do, them I have no problem. However, this morning I went through the annual budgets. I can find where interest income is applied to the capital improvement reserves, but I can't find any line anywhere where they treat the tax estimate as a reserve the owners hold, and the owners get the interest. That may be the case and they just don't go into that detail in the tax section. If that is so, then I would have no issue. Since that tax reserve is spelled out, but there is no summary or description of interest earned, like the improvement reserve, I fear the general operating funds make there way back to Disney account instead of the condo association and Disney proper "holds all the money" between "receipt and payment". It is possible the interest is offsetting costs at a lower level in the "Management fees", "Actual tax" or "Fees to the division" section of annual summary and the owners do receive the benefit. Overall, I am not super upset about this, there are much bigger issues to worry about. It is just another case of DVC having lost my trust at some level.I did see they won but also heard it was being challenged as well as that resorts will not see a lowered assessment for a few years.
But, I still believe it makes sense for them to collect it and if it is being held for taxes, why do you think anyone other than the condo associations would be getting any interest earned?
I hadn't thought the condo association might get the interest. If they do, them I have no problem. However, this morning I went through the annual budgets. I can find where interest income is applied to the capital improvement reserves, but I can't find any line anywhere where they treat the tax estimate as a reserve the owners hold, and the owners get the interest. That may be the case and they just don't go into that detail in the tax section. If that is so, then I would have no issue. Since that tax reserve is spelled out, but there is no summary or description of interest earned, like the improvement reserve, I fear the general operating funds make there way back to Disney account instead of the condo association and Disney proper "holds all the money" between "receipt and payment". It is possible the interest is offsetting costs at a lower level in the "Management fees", "Actual tax" or "Fees to the division" section of annual summary and the owners do receive the benefit. Overall, I am not super upset about this, there are much bigger issues to worry about. It is just another case of DVC having lost my trust at some level.
(BTW in the revenue section there is a line for "Member Late Fees and Interest", but the detail description states that interest for the interest charged to members on past due fees)
Site appears to be operating, 12-19-2020, 08:00 EST.
Still encouraging folks to NOT use site CC Pay, until site is proven stable. Should you do this? ALWAYS check your online CC Company for a "hit". NEVER go through the less than stellar DVC website, paying TWICE, due to "dwarves", "Goofy", "Stitch", or any other barf message.
Please - never do this TWICE: Pull up a separate window to your CC Company? When you have an active charge? STOP - you have paid.