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What common charge includes in New York city condo?

Updated: 8/17/2019
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14y ago

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It depends on the condominium association.

Usually there are fixed expenses included in monthly assessments, such as master insurance policy premium, basic utilities, and contributions to reserves -- the savings accounts that associations accumulate to pay for major repairs.


Variables include payments for amenities, such as cable service, door-staff and maintenance staff salaries and so forth.


Assessments can also pay for property management, tax form preparation for the association, legal services as needed and so forth.


The board can give you a copy of the current budget so you can better understand how your assessment dollars are spent each year.

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