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TaylorMgt.comThe Service You Deserve
Taylor Management Company has been
managing community associations for
decades. We have been recognized
by the Community Associations Institute (CAI) as an Accredited Association Management
Company (AAMC) and by the Institute of Real Estate Management (IREM) as an Accredited
Management Organization (AMO). These designations are accorded for the highest level
of ethics and professional management in the industry.
Leaders in Professional Community
Management for Decades!
80 South Jefferson Road, 2nd Floor, Whippany, NJ | Tel. 973.267.9000
100 Franklin Square Drive, Suite 203, Somerset, NJ, NJ | 732.764.1001
42-2 Harmon Cove Towers, Secaucus, NJ | 201.325.8500
which enables municipalities to force
lenders to properly maintain deterio-
rating properties during pending fore-
closure actions. Virtually all common
interest commutes have to deal with the
problems caused by foreclosures and
abandoned properties. The LAC spends
a great deal of time trying to help us
deal with those problems. However, for
this law to be effective, HOA boards
and residents need to contact the munic-
ipality to make sure they approve the
required local ordinance.
True or False – There is little
an HOA or Condo can do to
speed up foreclosures.
True (for now),
but LAC hopes to
convince the legislature to pass a law
to help. The LAC helped write two bill
in this legislative session, A-3823 and
S-1832, which would allow common
interest communities to petition the
court to require a foreclosing lender
of an abandoned property to either
pay the HOA’s assessments during the
foreclosure process, or to appoint a
fiscal-receiver to recover rental income
from the property if the lender refuses
to expedite the foreclosure. These
bills will provide financial relief and
enhance the aesthetics of our commu-
nities if enacted. The LAC hopes these
bills will be passed this session.
TrueorFalse–
Associationboard
members’ email addresses are
private and need not be shared
with residents.
True (thanks to LAC) -
A pro-
vision in S-357 would have required
board members to publish their per-
sonal e-mail addresses for residents of
common interest communities. The LAC
tries to influence legislation which would
be detrimental to volunteer board lead-
ers and was able to have that provision
stricken from the bill. The revised bill
may go to a vote this year.
True or False –
Yourmonthlyasso-
ciation fees are deductible for
Federal and NJ income taxes.
False (for now),
but the federal
HOME act, H.R. 4696, is under
consideration in congress. The CAI
supports this bill which would allow
individual taxpayers an income-based
tax deduction, up to $5,000, for
qualified homeowners association
assessments paid during the taxable
year. Also, Assemblyman Singleton,
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