By Karen Billing
The assessment rate for Covenant homeowners will remain 14 cents per $100 of assessed value in 2012-13, the Rancho Santa Fe Association board voted on Oct. 4. Of that assessment, 11.5 cents will go to general services and 2.5 cents will go into the newly renamed Covenant Enhancement Fund.
Assessment billings will be sent out to residents at the end of October and are due Nov. 1.
The total valuation for all Covenant properties per the July 2012 edition of the San Diego County tax assessor’s roll is $3,914 billion, representing a 0.14 percent decrease over last year’s value of $3,930.
The 14-cent assessment equals $5,479,133 of revenue and the Association has taken a conservative stance in the budget by reducing that revenue by $110,280, the current amount of delinquent properties if none were paid. RSF Association Chief Financial Officer Steve Comstock said that last week the finance department was able to collect on $62,000 of delinquencies so budget revenue is already coming back.
Additionally, the step up in valuation of The Inn at Rancho Santa Fe was not included in the property rolls this year so Comstock said there will be a number of revenue sources arriving that were not budgeted for.