A FEW FACTS ABOUT LAKE IOSCO
for Real Estate Offices The lake was chartered as a real estate company in 1923. Its official designation as a real estate company has not been changed; however, in actual practice the community has become a self-contained, self-regulated, “not-for-profit” group of 43 lease holders. Lake Iosco Company is made up of 45 stockholders, most of whom are full-time residents at the lake.

All taxes on structures and land are collected by the Company and paid in bulk to Bloomingdale. Because part of the common land is in Wanaque, a small portion of the land tax is paid to that borough as well. No part of the taxes collected from the leaseholders is retained by the Company.

Lake Iosco Company comprises approximately 400 acres including the seventy-acre lake. All expenses for maintenance of the lake, dams, roads and property are borne by the resident/leaseholders.

The Company is administered by a voluntary Board of Directors, elected to three-year terms. All leaseholders are stockholders in the Company who cast votes on major decisions affecting the real estate holdings of the company as well as for candidates for the Board of Directors.

Operating expenses are funded by the collection of lease fees and annual assessments. The annual lease fee - $300 per lot - has been frozen at that amount. However, the annual assessment is variable and is likely to increase as expenses rise. The annual assessment at this time is approximately $915 per lot.

All property at Lake Iosco is owned by the Company and thus, jointly by the leaseholders/stockholders. Individual building lots are leased to homeowners by the Company. Before a home is bought or sold, the Board of Directors must approve the transfer of lease from the buyer to the seller. Therefore, by necessity, Lake Iosco Company becomes the third party in any real estate transaction.

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Currently, there are no homes available on Lake Iosco