As the Covenants require, the homeowners control and maintain the Association.Dues are collected at the time of closing, prorated through the end of the year, and then billed on an annual basis. This payment is separate from your mortgage payment.
The assessment that is paid annually is collected from the day the first lot closes. The dues that are collected pay for expenses such as:
* Mowing
* Fertilization
* Mulch, flowers, entryway maintenance
* Utilities -for entryway lighting, street lighting, and irrigation (where applicable).
* Playground expenses.
* Common expenses (such as, but not limited to):
* Property taxes on Common Area.
* Liability insurance on Common Area.
* Meetings
NOTE: Don't believe there is Property taxes on Common Areas in Marion County?
This was taken from your (Welcome Letter), it gives you an ideal about what you should be paying for in your Annual Assessment. You can also find it in Article V.
Your Board of Directors has a duty:
1. To cause to be kept a complete record of all its acts and corporate affairs and to present a statement thereof to the members at the annual meeting of the members.
2. To establish the annual assessment period and fix the amount of the annual assessment against each member for each Lot owned, all in accordance with the terms of the Declaration and these By-Laws and to bring an action at law against the Owner or other person personally obligated to pay the same.
According to the terms of the Declaration and the By-Laws, the Board of Directors have limits on establishing the amount of the annual assessment against each member for each Lot owned, without a vote of 2/3 of the membership. The limits are:
Section 5.3 Maximum Regular Yearly Assessments.
(a) Until January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum Regular Yearly Assessment on any Lot shall be $120.00 per Lot per year.
(b) From and after January 1 of such year, the maximum Regular Yearly Assessment may be increased each calendar year not more than 10% above the maximum Regular Yearly Assessment for the previous year, without a vote of the membership.
(c) From and after January 1 of such year, the maximum Regular Yearly Assessment may be increased each calendar year by more than 10% above the maximum Regular Yearly Assessment for the previous year, with the approval of two thirds (2/3) of those members of each class of members who cast votes in person or by proxy at a meeting duly called for this purpose.
(d) The Board of Directors from time to time may fix the Regular Yearly Assessment, without any vote of the membership, at any amount not in excess of the maximum.
Leathel,
