Actual 2024 Property Taxes

[jekjones1558]

I notice that the annual dues statement this year does not include the actual 2024 taxes paid. Seems odd, since this has been included in the past. So if I want to compute mine for BWV, do I multiply the number of points I have by $1.7875 (which is a number I found here)?:
https://dvcnews.com/dvc-program-menu/financial/financial-news/6032-

 

[Best Aunt]

I notice that the annual dues statement this year does not include the actual 2024 taxes paid. Seems odd, since this has been included in the past. So if I want to compute mine for BWV, do I multiply the number of points I have by $1.7875 (which is a number I found here)?:
https://dvcnews.com/dvc-program-menu/financial/financial-news/6032-

I signed into my dvc account on my computer.

I hovered my mouse over MY DVC

Two columns popped up.
In the left column, I clicked on MY ANNUAL DUES.

Then several boxes popped up.
In the ANNUAL DUES STATEMENT box, I clicked on VIEW STATEMENT.

That showed me several rows:
Actual 2024 Property Tax Adjustment
Estimated Property Taxes
Reserves
Operating
For each of those rows, there were columns:
points
rate
days
assessment

What I found annoying was that I have three small contracts. For each one of rows, they used the total number of points that I have for all three contracts. I wanted it broken down by contract, so I had to do the math myself.

So if it showed that the Actual 2024 Property Tax Adjustment rate for my home resort was 0.2684, I multiplied that by the number of points in Contract 1. Then I multiplied it by the number of points in Contract 2. Then I multiplied it by the number of points in Contract 3.

Sorry I'm not BWV so I can't be more specific for you.

 

[jekjones1558]

I see the 2024 property tax adjustment but I don't see 2024 actual tax paid. I need this for my 2024 income taxes!

 

[Best Aunt]

I see the 2024 property tax adjustment but I don't see 2024 actual tax paid. I need this for my 2024 income taxes!

Oops, sorry!

 

[DanCali]

I notice that the annual dues statement this year does not include the actual 2024 taxes paid. Seems odd, since this has been included in the past. So if I want to compute mine for BWV, do I multiply the number of points I have by $1.7875 (which is a number I found here)?:
https://dvcnews.com/dvc-program-menu/financial/financial-news/6032-

The way I understand it is that they charge you an estimated amount at the beginning of the year, and adjust it at the beginning of next year to reflect the actual taxes paid, since taxes are billed mid-year. In other words, I believe the actual taxes paid per se are the estimated taxes + the the tax adjustment from the next year dues bill.

Looking at the paper statements, in last year's statement there was a line that called "Actual Property Taxes" but it was a very small number (between a few pennies and a few dollars for the entire contract), which makes me understand that in the 2025 dues statement they just renamed that line as as "Actual [2024] Property Tax Adjustment"

I'm not an accountant but given the relatively tiny differences, I think going with the estimated tax numbers every year is just fine. Especially since those payments and adjustments are billed in separate (tax) years.

 

[jekjones1558]

The way I understand it is that they charge you an estimated amount at the beginning of the year, and adjust it at the beginning of next year to reflect the actual taxes paid, since taxes are billed mid-year. In other words, I believe the actual taxes paid per se are the estimated taxes + the the tax adjustment from the next year dues bill.

Looking at the paper statements, in last year's statement there was a line that called "Actual Property Taxes" but it was a very small number (between a few pennies and a few dollars for the entire contract), which makes me understand that in the 2025 dues statement they just renamed that line as as "Actual [2024] Property Tax Adjustment"

I'm not an accountant but given the relatively tiny differences, I think going with the estimated tax numbers every year is just fine. Especially since those payments and adjustments are billed in separate years.

On my statement last year, the first line is "2023 Actual Property Taxes, then the number of my points, then the rate, then days (365) and then assessment of $851.97. This year's statement begins with Actual 2024 PropertyTax ADJUSTMENT, then my points, the rate of the property tax ADJUSTMENT, then days (365), then assessment of $77.38. But I need the actual property tax RATE FOR 2024 for BWV.

 

[jekjones1558]

I decided to take the estimated 2024 taxes from last year's statement and add the 2024 tax adjustment from this year's statement and that should give me actual 2024 taxes. It is equal to the rate I found in the link in my original post multiplied by the number of points I own. What a pain.

 

[bobbiwoz]

I decided to take the estimated 2024 taxes from last year's statement and add the 2024 tax adjustment from this year's statement and that should give me actual 2024 taxes. It is equal to the rate I found in the link in my original post multiplied by the number of points I own. What a pain.

Glad you figured something out!

 

[drusba]

For all years before, there was line on that form for actual property taxes paid for the year and now it is missing. That Actual Property Tax Adjustment that you see, when it is a positive number, is showing an amount of actual taxes that exceeded the total estimated taxes you paid in 2024. DVD pays that amount and then charges you that extra amount in 2025.

Also, I do not know if this happened to others or the system has changed, but I did not receive a mailed copy of the annual dues statement in late Dec like in prior years.

If this was a change DVD actually decided to make, I cannot think of a valid reason for its doing so. For members to claim property taxes as a deduction, DVD should provide a single statement that expressly sets out the total property taxes charged to you for the year that you can deduct on a tax return, like DVD did in all prior years, rather than now requiring members to do calculations based on more than one document.

 

[jekjones1558]

For all years before, there was line on that form for actual property taxes paid for the year and now it is missing. That Actual Property Tax Adjustment that you see, when it is a positive number, is showing an amount of actual taxes that exceeded the total estimated taxes you paid in 2024. DVD pays that amount and then charges you that extra amount in 2025.

Also, I do not know if this happened to others or the system has changed, but I did not receive a mailed copy of the annual dues statement in late Dec like in prior years.

If this was a change DVD actually decided to make, I cannot think of a valid reason for its doing so. For members to claim property taxes as a deduction, DVD should provide a single statement that expressly sets out the total property taxes charged to you for the year that you can deduct on a tax return, like DVD did in all prior years, rather than now requiring members to do calculations based on more than one document.

Thank you, drusba. I totally agree. Whoever made the decision to change the statement made this a problem and I see no reason for it.

 

[AinW]

I received a paper statement in the mail for one of our contracts but not the other two (different membership numbers). Interesting that the actual 2024 taxes were lower than estimated for GF but higher than estimated for BC & CC. I calculated by going to last year's tax forms (available on the DVC member site) to see the 2024 estimated then adding or subtracting the 2024 adjustment.

 

[DVCISPMCO]

If I am correct the adjustment on this years statement is the amount that was short for 2024 taxes and is added to this years. You should use the estimated amount from your 2024 statement as that is the amount you actually paid.

 

[CarolynFH]

You should use the estimated amount from your 2024 statement as that is the amount you actually paid.

But if that amount was an underestimate, shouldn't the adjustment the owner paid this year should be added to the 2024 taxes paid? To get the total amount of property taxes paid for 2024?

 

[bluecruiser]

Regarding tax returns, I thought you had to report based on when the taxes were actually paid. So in this case, actual property taxes paid in 2024. This would include any shortfall for 2023 that you paid in January, plus 2024 taxes paid in 2024.

I don't recall how DVC handles it when we overpaid our taxes for the year. If we got a refund of it in the next year, that refund would be subtracted from property taxes we paid in that next year when reporting.

Hopefully someone who is more knowledgeable about taxes can chime in.

 

[DVCISPMCO]

But if that amount was an underestimate, shouldn't the adjustment the owner paid this year should be added to the 2024 taxes paid? To get the total amount of property taxes paid for 2024?

The adjustment you pay this year will be added to the taxes you claim for your 2025 tax year, as they were actually paid this year.

 

[DVCISPMCO]

Regarding tax returns, I thought you had to report based on when the taxes were actually paid. So in this case, actual property taxes paid in 2024. This would include any shortfall for 2023 that you paid in January, plus 2024 taxes paid in 2024.

I don't recall how DVC handles it when we overpaid our taxes for the year. If we got a refund of it in the next year, that refund would be subtracted from property taxes we paid in that next year when reporting.

Hopefully someone who is more knowledgeable about taxes can chime in.

If you overpay the adjustment is a subtraction from the next year