What are HOA And Master Plan Fees
HOA fees and Master plan fees - The HOA or Homeowner's Association fee is paid to the association company that is maintaining the affairs of the community. The community does not have to be gated for there to be an association, but if it is gated then the gated community may have a second association that maintains the area within the gates. Many Las Vegas Valley communities have associations. The Association will ensure that the maintenance and all matters pertaining to the community are addressed. In addition there may also be a Master plan community fee for the overall upkeep of the entire geographic area within which there are many sub-communities. The outer walls, community entrance, landscaping, etc. The fees can range from $15/m to $150 and up depending on the community. Association fees are fixed and only a meeting and voting session by the board members can change those fees.
What are LID And SID
There are a couple of different types of fees that may be involved in purchasing a Las Vegas home that have to do with the community chosen.
SIDs and LIDs - When a developer builds on unimproved land, the city will install the sewer plumbing, streets, water hydrants, and lighting. This cost is passed on to the developer who can then choose to pay the city up front and add the cost to the sales price of each lot/home, OR not pay up front and allow the city to place an assessment on the community as a whole. The assessment is then divided among all of the properties with in the master planned community.
There is the total assessment amount and the annual assessment amount. The annual amount is a portion of the total assessment that is due each year until the total amount is paid in full. The assessment runs with the property, so if the property is sold whatever amount is still left is transferred to the new owner and so on until the assessment is paid in full. The community is basically paying off a bond /loan at a fixed interest rate for a set amount of years. However, each homeowner has the option to pay their SID/LID in full at any time. This is very common in our valley. As a side note, you will find that our property taxes are much lower than in most other states.