Owner maintenance fees help pay for the cost of operating the resort year-round, and all expenses associated with such as well as capital improvements. Maintenance fees are by far the largest funding source for the resort. Owner maintenance fees account for about 75% of total resort revenue, while room rental and miscellaneous income accounts for 25%. Maintenance fees are billed annually in early December and are due and payable by January 31st for all owners. A $10 late fee will be assessed each month, for each lease not paid in full by the due date.
Maintenance Fees for 2020 are as follows:
1-Bedroom Unit = $478.00
2-Bedroom Unit = $567.00
Deluxe Unit = $639.00
Studio Unit = $420.00
Property Tax Amount Per Unit/Week Owned
Occasionally we receive requests from our owners asking for the amount of property taxes they have paid in a given year. In response to that question, we have prepared this page.
The property tax amount is included in your annual maintenance fee. The Pinestead Reef Owner's Association (the resort itself) is taxed as one tax parcel. As such, the resort itself receives one tax bill and the Pinestead Reef Owner's Association, as a whole, pays the property tax bill. Individual timeshare owners are not taxed or assessed on their individual ownership interest. Also, as a reminder, ownership at Pinestead Reef Resort is on a leasehold interest. Ownership at Pinestead Reef is not deeded property.
Based on the proceeding facts, owners are not
1.) billed separately for property taxes by the local taxing authority,
2.) billed or assessed on their individual ownership interest, and
3.) the property tax amount is not itemized separately on their annual maintenance fee invoice.
The manner in which property tax is assessed and billed by local taxing authorities varies from state to state. Thus, some jurisdictions (such as in California), bill timeshare owners directly. In other cases, (such as in Florida), the weeks are assessed individually and the tax is normally identified separately on your timeshare maintenance fee billings. In either case, the tax should be deductible, because the property tax has likely been assessed against your individually owned week.
However, if the property taxes are neither directly billed to you nor separately stated on your maintenance fee billing, you may not be entitled to a deduction for the tax. In such cases, it is likely that the entire timeshare resort has been assessed and billed for property tax purposes as one tax parcel or as parcels bigger than just your individually owned week. The tax in such a case is not assessed against your individual ownership, thus negating the opportunity for a tax deduction.
In summary, Pinestead Reef Resort and its management do not provide tax advice. We neither advise for or against the deductibility of timeshare property taxes. Timeshare property tax decisions are solely those of our owners. Nonetheless, we do provide this information to owners upon request, and show the most recent amounts below.
2019 Property Tax amount per unit/week owned:
Studio Unit = $35.68
1 Bedroom Unit = $39.65
2 Bedroom Unit = $59.47
Deluxe Unit = $79.29